HLADI(SZ:300649) Zheng Quan Zhi Xing·2025-08-27 22:56Core Viewpoint - Hangzhou Garden (300649) reported a significant decline in total revenue for the first half of 2025, with a year-on-year decrease of 34.1%, while the net profit attributable to shareholders improved by 51.8% compared to the previous year [1] Financial Performance Summary - Total revenue for the first half of 2025 was 68.91 million yuan, down from 105 million yuan in 2024, reflecting a decline of 34.1% [1] - The net profit attributable to shareholders was -8.57 million yuan, an improvement of 51.8% from -17.77 million yuan in the same period last year [1] - The gross profit margin increased significantly by 238.74% to 30.69%, while the net profit margin improved by 27.76% to -12.7% [1] - Total expenses (selling, administrative, and financial) amounted to 17.24 million yuan, accounting for 25.01% of revenue, which is a 21.54% increase year-on-year [1] - Earnings per share improved to -0.06 yuan, a 53.85% increase from -0.13 yuan in the previous year [1] Cash Flow and Investment Summary - The net cash flow from operating activities decreased by 612.02%, attributed to timing differences in revenue recognition and project settlement [2] - The net cash flow from investing activities saw a decline of 884.76%, with an investment expenditure of 6.72 million yuan during the reporting period [2] Accounts Receivable and Historical Performance - Accounts receivable increased by 30.14% to 228 million yuan, indicating potential liquidity concerns [1] - Historical data shows a median Return on Invested Capital (ROIC) of 12.24%, with the worst year being 2024 at -7.72% [2]