Langsha(SH:600137) Zheng Quan Zhi Xing·2025-08-27 11:57Core Viewpoint - The financial performance of Langsha Co., Ltd. (600137) for the first half of 2025 shows a decline in total revenue but an increase in net profit, indicating improved profitability despite challenges in sales [1] Financial Performance Summary - Total revenue for the first half of 2025 was 141 million yuan, a decrease of 4.41% year-on-year [1] - Net profit attributable to shareholders reached 10.54 million yuan, an increase of 22.7% year-on-year [1] - Gross margin improved to 27.3%, up 45.32% year-on-year, while net margin increased to 7.45%, up 28.37% year-on-year [1] - Operating cash flow per share was -0.1 yuan, an increase of 56.82% year-on-year [1] Key Financial Metrics - Revenue and profit metrics: - Total revenue: 141 million yuan (down 4.41% from 148 million yuan) [1] - Net profit: 10.54 million yuan (up 22.7% from 8.59 million yuan) [1] - Deducted non-recurring profit: 10.85 million yuan (up 35.17% from 8.03 million yuan) [1] - Cost and expense metrics: - Total expenses (selling, administrative, financial): 10.46 million yuan, accounting for 7.4% of revenue (up 15.77% year-on-year) [1] - Shareholder metrics: - Earnings per share: 0.11 yuan (up 22.73% from 0.09 yuan) [1] - Net asset per share: 5.49 yuan (up 1.38% from 5.41 yuan) [1] Changes in Financial Items - Accounts receivable decreased by 28.03% to 32.20 million yuan [3] - Cash and cash equivalents increased by 25.95% to 461 million yuan [1] - Interest-bearing liabilities decreased significantly by 84.53% to 15 thousand yuan [1] - Other payables increased by 675.78%, primarily due to the addition of dividends payable for 2024 [3] Cash Flow Analysis - Net cash flow from financing activities increased by 385.42%, attributed to the recovery of bank deposits and dividend payments [5] - Operating cash flow improved due to reduced cash payments for goods and increased interest income from bank deposits [7] Investment Insights - The company has a relatively healthy cash position, with a return on invested capital (ROIC) of 3.66% last year, indicating weak capital returns historically [7] - The company has experienced seven years of losses since its listing, suggesting a cautious investment outlook [7] Fund Holdings - The largest fund holding Langsha shares is the Xinhua Small and Medium Market Value Preferred Mixed Fund, which holds 24,900 shares [6]