LPSK(SZ:002333) Zheng Quan Zhi Xing·2025-08-27 22:56Core Viewpoint - The financial performance of 罗普斯金 (002333) for the first half of 2025 shows a decline in revenue and net profit compared to the previous year, indicating potential challenges in its business model and financial health [1][3]. Financial Performance Summary - Total revenue for the first half of 2025 was 766 million yuan, a decrease of 0.43% year-on-year [1]. - Net profit attributable to shareholders was 31.42 million yuan, down 0.81% year-on-year [1]. - In Q2 2025, total revenue was 386 million yuan, a decline of 12.53% year-on-year, while net profit increased by 43.99% to 17.49 million yuan [1]. - Gross margin was 13.34%, down 5.91% year-on-year, and net margin was 4.26%, down 2.28% year-on-year [1]. - Total expenses (selling, administrative, and financial) amounted to 51.78 million yuan, accounting for 6.76% of revenue, an increase of 1.82% year-on-year [1]. - Earnings per share remained at 0.05 yuan, a decrease of 0.64% year-on-year, while operating cash flow per share was -0.15 yuan, a significant decline of 278.35% [1]. Asset and Liability Analysis - The company had a significant amount of accounts receivable, with accounts receivable to net profit ratio reaching 1226.36% [1][3]. - Cash assets were reported as healthy, but the cash flow situation raised concerns, with cash assets to current liabilities at 72.41% and average operating cash flow over the past three years being negative [3]. - Interest-bearing debt decreased by 36.37% to 393 million yuan [1]. Return on Investment and Business Model - The company's return on invested capital (ROIC) was 2.82%, indicating weak capital returns historically, with a median ROIC of 2.63% over the past decade [3]. - The company has experienced three years of losses since its listing, suggesting a fragile business model [3].