KINGLAND TECHNOLOGY(SZ:000711) Zheng Quan Zhi Xing·2025-08-27 22:29Core Viewpoint - *ST Jinglan (000711) reported a significant increase in revenue but continued to face net losses, indicating potential operational challenges despite revenue growth [1][3]. Financial Performance Summary - Total revenue for the first half of 2025 reached 224 million yuan, a year-on-year increase of 1454.51% compared to 14.44 million yuan in 2024 [1]. - The net profit attributable to shareholders was -65.6 million yuan, a decrease of 24.42% from -52.73 million yuan in the previous year [1]. - The gross profit margin dropped to 0.19%, a decline of 99.06% from 19.79% in the previous year [1]. - The net profit margin improved to -33.08%, an increase of 92.28% from -428.39% in the previous year [1]. - Total receivables accounted for 64.28% of total revenue, indicating a high level of outstanding payments [1]. Cash Flow and Investment Summary - The net cash flow from operating activities increased by 82.25%, attributed to significant sales collections from the resource recovery and comprehensive utilization business [4]. - The net cash flow from investing activities rose by 95.24%, due to large investment payments in the previous year [4]. - The net cash flow from financing activities surged by 381.63%, reflecting new borrowings of 54.85 million yuan [4]. Cost and Expense Analysis - Sales expenses decreased by 41.2%, linked to a decline in sales activities and workforce reduction at a subsidiary [3]. - Management expenses increased by 77.29%, driven by higher stock incentive costs and employee compensation [3]. - Research and development expenses fell by 44.23%, due to reduced projects at a subsidiary [3]. Historical Performance Insights - The company has a historical median Return on Invested Capital (ROIC) of -4.06% over the past decade, with a particularly poor ROIC of -40.95% in 2022 [4]. - The company has reported losses in 8 out of 27 annual reports since its listing, indicating a challenging financial history [4].