XYGF(SZ:300159) Zheng Quan Zhi Xing·2025-08-27 22:57Core Viewpoint - *ST Xin Yan (300159) reported a mixed financial performance for the first half of 2025, with revenue growth but significant losses, indicating ongoing financial challenges and increased short-term debt pressure [1][5]. Financial Performance Summary - The total operating revenue for the first half of 2025 reached 132 million yuan, a year-on-year increase of 25.78% compared to 105 million yuan in the same period of 2024 [1]. - The net profit attributable to shareholders was -168 million yuan, a decline of 23.15% from -137 million yuan in the previous year [1]. - The gross profit margin improved to 12.42%, a significant increase of 4850% from -0.26% in the previous year [1]. - The net profit margin was -134%, showing a slight improvement of 2.87% from -137.96% [1]. - Total expenses (selling, administrative, and financial) amounted to 143 million yuan, accounting for 108.16% of revenue, a decrease of 15.15% year-on-year [1]. Cash Flow and Debt Analysis - The company reported a negative operating cash flow per share of -0.04 yuan, a decline of 181.83% from a positive 0.05 yuan in the previous year [1]. - The liquidity ratio was 0.5, indicating increased short-term debt pressure [1][5]. - The cash flow from operating activities decreased significantly, with a net change of -181.64% due to reduced sales collections [3]. Inventory and Borrowing Changes - Inventory levels increased by 84.28% as the company prepared for sales in the second half of the year, purchasing raw materials and producing semi-finished goods [3]. - Long-term borrowings decreased by 29.38% due to reclassification of portions due within one year to current liabilities [3]. Historical Performance Insights - The company's historical financial performance has been generally weak, with a median Return on Invested Capital (ROIC) of 1.45% over the past decade, and a particularly poor ROIC of -23.76% in 2019 [4][5]. - The company has reported losses in five out of its fourteen annual reports since going public, indicating a challenging financial history [5].