YONGAN FORESTRY(SZ:000663) Zheng Quan Zhi Xing·2025-08-27 22:33Core Viewpoint - Yong'an Forestry (000663) reported a decline in total revenue for the first half of 2025, but an improvement in net profit compared to the previous year, indicating mixed financial performance [1] Financial Performance Summary - Total revenue for the first half of 2025 was 132 million yuan, a decrease of 3.1% year-on-year [1] - Net profit attributable to shareholders was -17.62 million yuan, an increase of 14.18% year-on-year [1] - In Q2 2025, total revenue was 76.99 million yuan, down 2.73% year-on-year, while net profit was 1.30 million yuan, up 111.25% year-on-year [1] - Gross margin increased by 0.83% to 8.03%, while net margin improved by 10.02% to -13.51% [1] - Total operating expenses (selling, administrative, and financial) amounted to 28.40 million yuan, accounting for 21.57% of revenue, a slight increase of 0.17% [1] Key Financial Ratios - Earnings per share (EPS) was -0.05 yuan, an increase of 16.67% year-on-year [1] - Operating cash flow per share was 0.03 yuan, a significant increase of 358.52% year-on-year [1] - Book value per share decreased by 7.02% to 2.99 yuan [1] Asset and Liability Management - Cash and cash equivalents increased by 61.79% to 260 million yuan [1] - Accounts receivable rose by 24.93% to 8.93 million yuan [1] - Interest-bearing debt decreased by 31.35% to 55.88 million yuan [1] Historical Performance Insights - The company's historical return on invested capital (ROIC) has been weak, with a median of 4.84% over the past decade [1] - The worst year recorded was 2018, with a ROIC of -45.76% [1] - The company has reported losses in 7 out of 28 annual reports since its listing, indicating a generally poor financial track record [1] Additional Considerations - Attention is advised regarding the company's accounts receivable situation, as the net profit remains negative [2] - The inventory-to-revenue ratio has reached 143.2%, suggesting potential concerns regarding inventory management [2]