Tongtech(SZ:300379) Zheng Quan Zhi Xing·2025-08-27 22:56Core Viewpoint - *ST Dongtong (300379) reported a significant increase in revenue and a reduction in net loss for the first half of 2025, indicating improved financial performance compared to the previous year [1]. Financial Performance - The total revenue for the first half of 2025 reached 240 million yuan, a year-on-year increase of 48.85% [1]. - The net profit attributable to shareholders was -55.158 million yuan, showing a year-on-year improvement of 66.8% [1]. - In Q2 2025, total revenue was 106 million yuan, up 23.57% year-on-year, while the net profit attributable to shareholders was -24.615 million yuan, an increase of 73.59% year-on-year [1]. Profitability Metrics - The gross margin improved to 78.04%, reflecting a year-on-year increase of 7.9% [1]. - The net margin was -22.99%, which is a significant improvement with a year-on-year increase of 77.7% [1]. - Total selling, administrative, and financial expenses amounted to 203 million yuan, accounting for 84.49% of revenue, a decrease of 32.84% year-on-year [1]. Cash Flow and Assets - The cash flow per share was 0.04 yuan, a substantial increase of 113.02% year-on-year [1]. - The company reported a decrease in net assets per share to 5.52 yuan, down 11.0% year-on-year [1]. - The company’s cash assets were reported to be healthy, with a cash position of 1.082 billion yuan, a 4.63% increase year-on-year [1]. Debt and Receivables - Interest-bearing liabilities decreased significantly to 22.767 million yuan, down 63.61% year-on-year [1]. - Accounts receivable increased to 588 million yuan, a rise of 12.44% year-on-year [1]. Historical Performance - The company has shown a weak historical return on invested capital (ROIC), with a median of 7.87% over the past decade and a particularly poor ROIC of -21.39% in 2023 [3]. - The company has reported losses in four out of ten years since its listing, indicating a generally poor financial track record [3].