Stonehill Technology(SZ:002195) Zheng Quan Zhi Xing·2025-08-27 11:53Core 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 with rising costs impacting profitability [1][2]. 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 was 27.43%, down 41.28% year-on-year, while net margin fell to 0.97%, a decrease of 67.54% [1]. - The total of selling, administrative, and financial expenses (three expenses) accounted for 44.41% of total revenue, up 56.82% year-on-year [1]. Cash Flow and Assets - Cash and cash equivalents decreased by 19.71% to 1.377 billion yuan, attributed to increased investment in financial products [2][3]. - The net cash flow from operating activities showed a significant decline of 262.56%, primarily due to reduced interest income and lower customer repayments [3]. Investment and R&D - The company has increased its R&D investment by 71.47%, indicating a focus on innovation and development [3]. - The brain-computer interface team consists of approximately 40 members, and the technology has been successfully applied in the game "Black Myth: Wukong" [6]. Market Position and Fund Holdings - The largest fund holding Yanshan Technology is the GF CSI Media ETF, which has increased its position, reflecting confidence in the company's potential [5]. - The company has a historical median ROIC of 5.46%, indicating relatively weak investment returns over the past decade [2].