LYPM(SZ:002501) Zheng Quan Zhi Xing·2025-08-27 22:56Core Viewpoint - Liyuan Co., Ltd. (002501) reported a significant decline in total revenue and a negative net profit for the first half of 2025, indicating ongoing financial struggles despite a slight improvement in net loss compared to the previous year [1]. Financial Performance Summary - Total revenue for H1 2025 was 97.79 million yuan, a decrease of 46.66% year-on-year [1]. - The net profit attributable to shareholders was -57.70 million yuan, an improvement of 23.04% compared to the previous year [1]. - In Q2 2025, total revenue was 51.82 million yuan, down 40.79% year-on-year, with a net profit of -36.68 million yuan, showing a slight increase of 2.01% year-on-year [1]. Cost and Expense Analysis - The proportion of three major expenses (financial, sales, and management) increased significantly, totaling 29.94 million yuan, which accounted for 30.61% of total revenue, up 128.92% year-on-year [1]. - The gross margin was -6.39%, an improvement of 54.66% year-on-year, while the net margin was -59.95%, a decrease of 46.33% year-on-year [1]. Asset and Liability Overview - Cash and cash equivalents decreased to 13.92 million yuan, down 48.11% year-on-year [1]. - Accounts receivable also fell to 79.39 million yuan, a decrease of 48.00% year-on-year [1]. - Interest-bearing debt slightly decreased to 298.67 million yuan, down 0.88% year-on-year [1]. Shareholder Metrics - The net asset per share was 0.08 yuan, a decline of 70.43% year-on-year [1]. - Earnings per share remained at -0.02 yuan, unchanged from the previous year [1]. - Operating cash flow per share was -0.03 yuan, an increase of 42.17% year-on-year [1]. Historical Performance Insights - The company's historical financial performance has been poor, with a median ROIC of -22.48% over the past decade and a particularly low ROIC of -5925.63% in 2020 [1]. - The company has reported losses in 6 out of 14 annual reports since its listing, indicating a challenging investment outlook [1].