GOLDENSEA(SH:603311) Zheng Quan Zhi Xing·2025-08-27 22:56Financial Performance - The company reported a total revenue of 472 million yuan for the first half of 2025, representing a year-on-year increase of 15.48% [1] - The net profit attributable to shareholders reached 61.52 million yuan, up 66.57% compared to the previous year [1] - The gross margin improved to 23.0%, an increase of 1.64% year-on-year, while the net margin rose to 13.03%, reflecting a significant increase of 44.25% [1] Key Financial Metrics - The company's operating income for Q2 2025 was 24.5 million yuan, showing an 11.11% increase year-on-year, but the net profit for the same quarter decreased by 1.53% to 17.84 million yuan [1] - Total expenses (selling, administrative, and financial) amounted to 49.60 million yuan, accounting for 10.51% of revenue, which is a slight increase of 1.95% year-on-year [1] - Earnings per share (EPS) increased to 0.26 yuan, a rise of 62.5% compared to the previous year [1] Asset and Liability Changes - Cash and cash equivalents decreased by 17.85% to 357 million yuan, while accounts receivable increased by 14.55% to 229 million yuan [1] - The company’s interest-bearing debt rose by 2.83% to 147 million yuan [1] - The company experienced a significant increase in contract liabilities by 456.92% due to an increase in advance payments received [2] Cost and Expense Analysis - Operating costs increased by 14.92% in line with revenue growth [4] - Selling expenses rose by 27.34% as the company invested more in business expansion [5] - Management expenses increased by 30.8% due to efforts to enhance management capabilities [5] Cash Flow and Investment - Net cash flow from operating activities increased by 62.62%, attributed to higher revenue and improved payment cycles [5] - Cash flow from investing activities rose by 60.6% due to the disposal of significant long-term assets [5] - Cash flow from financing activities decreased by 177.75% as the company distributed more dividends than in the previous year [5] Investment and Return Metrics - The company's return on invested capital (ROIC) was reported at 4.66%, indicating a relatively weak capital return [6] - Historical data shows a median ROIC of 9.57% since the company went public, with the lowest ROIC recorded in 2023 at 3.6% [6] Fund Holdings - The largest fund holding in the company is the Nanhua Fenghui Mixed A fund, with a current scale of 116 million yuan and a recent net value of 1.8038, reflecting a 79.45% increase over the past year [7]