Leon(SZ:300603) Zheng Quan Zhi Xing·2025-08-27 22:56Core Viewpoint - The recent financial report of Lian Technology (300603) indicates a significant increase in revenue but a drastic decline in net profit, highlighting potential financial instability and challenges in operational efficiency [1][3]. Financial Performance - The total revenue for the first half of 2025 reached 376 million yuan, a year-on-year increase of 23.41% compared to 304 million yuan in 2024 [1]. - The net profit attributable to shareholders was -59.7 million yuan, representing a year-on-year decline of 258.48% from -16.7 million yuan in the previous year [1]. - The gross profit margin decreased to 6.75%, down 47.45% from 12.85% in the previous year [1]. - The net profit margin fell to -15.89%, a decrease of 203.03% from -5.24% [1]. - The company reported a significant increase in accounts receivable, which accounted for 2427.34% of the latest annual net profit [1][3]. Cost Structure - Total selling, administrative, and financial expenses amounted to 44.4 million yuan, which is 11.83% of revenue, showing a year-on-year decrease of 16.66% [1]. - The company’s operating cash flow per share was -0.04 yuan, a decline of 176.86% from 0.05 yuan in the previous year [1]. Business Model and Investment Returns - The company's return on invested capital (ROIC) was 1.05% last year, indicating weak capital returns [3]. - The historical median ROIC since the company’s listing is 6.47%, with three years of losses out of seven annual reports, suggesting a fragile business model [3]. - The company’s performance is heavily reliant on research and development, marketing, and capital expenditures, necessitating careful evaluation of these investments [3].