Changjiu Logistics(SH:603569) Zheng Quan Zhi Xing·2025-08-27 22:56Core Viewpoint - Long-term Logistics (603569) reported mixed financial results for the first half of 2025, with significant revenue growth but a sharp decline in net profit, raising concerns about the company's financial health and operational efficiency [1][11]. Financial Performance - Total revenue for the first half of 2025 reached 2.326 billion yuan, a year-on-year increase of 27.54% compared to 1.824 billion yuan in 2024 [1]. - Net profit attributable to shareholders was 10.17 million yuan, down 80.66% from 52.57 million yuan in the previous year [1]. - The gross profit margin decreased to 8.32%, a decline of 31.74% from 12.19% in 2024 [1]. - The net profit margin fell to 0.94%, down 74.57% from 3.68% in 2024 [1]. Cash Flow and Debt - Operating cash flow per share increased by 150.67% to 0.36 yuan, compared to 0.15 yuan in 2024 [1]. - The company’s cash and cash equivalents rose by 29.10% to 743 million yuan [1]. - Interest-bearing liabilities increased by 12.65% to 1.685 billion yuan [1]. Accounts Receivable and Expenses - Accounts receivable amounted to 1.21 billion yuan, a decrease of 5.23% from 1.276 billion yuan [1]. - Total selling, general, and administrative expenses were 189 million yuan, accounting for 8.13% of revenue, down 21.84% year-on-year [1]. - The ratio of accounts receivable to net profit reached 1520.4%, indicating potential liquidity issues [11]. Business Model and Market Position - The company relies heavily on marketing-driven performance, necessitating a deeper analysis of the underlying factors [11]. - Historical return on invested capital (ROIC) was 4.04%, indicating weak capital returns, with a median ROIC of 20.84% since its listing [11]. - Analysts project a net profit of 88 million yuan for 2025, with an expected earnings per share of 0.15 yuan [11].