Stonehill Technology(SZ:002195) Zheng Quan Zhi Xing·2025-08-26 23:08Core Viewpoint - The recent financial report of Yanshan Technology (002195) shows a decline in total revenue but a significant increase in net profit, indicating a mixed performance in the first half of 2025 [1] Financial Performance - Total revenue for the first half of 2025 was 317 million yuan, a decrease of 6.38% year-on-year [1] - Net profit attributable to shareholders reached 67.11 million yuan, an increase of 81.51% year-on-year [1] - Gross margin decreased to 27.43%, down 41.28% year-on-year, while net margin fell to 0.97%, down 67.54% year-on-year [1] - The total of selling, administrative, and financial expenses (three expenses) accounted for 44.41% of total revenue, an increase of 56.82% year-on-year [1] - Earnings per share remained at 0.01 yuan, with a year-on-year increase of 81.54% [1] Cash Flow and Assets - Operating cash flow per share was -0.02 yuan, a decrease of 262.56% year-on-year [1] - Cash and cash equivalents decreased by 19.71% to 1.377 billion yuan due to increased investment in financial products [1][2] - Accounts receivable decreased by 38.61% to 95.94 million yuan [1] Research and Development - R&D investment increased by 71.47%, indicating a focus on innovation and development [4] - The company has a team of approximately 40 people working on brain-computer interface technology, which has shown promising results in gaming applications [6] Market Position and Investment - The company has a historical median ROIC of 5.46%, indicating relatively weak investment returns [5] - The largest fund holding Yanshan Technology is the GF Zhongzheng Media ETF, with a scale of 2.563 billion yuan and a recent net value increase of 1.75% [5]