AOTO ELECTRONICS(SZ:002587) Zheng Quan Zhi Xing·2025-08-27 22:56Core Viewpoint - The recent financial report of Aoto Electronics (002587) shows a decline in total revenue but a significant increase in net profit, indicating mixed performance in the company's financial health [1]. Financial Performance Summary - Total revenue for the first half of 2025 was 313 million yuan, a decrease of 6.19% year-on-year [1]. - Net profit attributable to shareholders reached 8.32 million yuan, an increase of 251.82% year-on-year [1]. - In Q2 2025, total revenue was 128 million yuan, down 16.61% year-on-year, while net profit was -5.28 million yuan, a decline of 400.31% [1]. - The gross profit margin was 37.68%, a decrease of 2.74% year-on-year, while the net profit margin improved to 2.16%, an increase of 237.33% [1]. - Total receivables accounted for 77.54% of the latest annual revenue, indicating a large receivables balance [1]. Key Financial Metrics - The company reported a total revenue of 333 million yuan in 2024, compared to 313 million yuan in 2025, reflecting a 6.19% decline [1]. - The net profit in 2024 was 2.37 million yuan, which increased to 8.32 million yuan in 2025, showing a growth of 251.82% [1]. - The company’s cash and cash equivalents increased by 25.60% to 372 million yuan [1]. - Accounts receivable rose by 6.27% to 560 million yuan [1]. - Interest-bearing liabilities increased by 129.52% to 17.16 million yuan [1]. - The company’s operating cash flow per share was -0.1 yuan, unchanged from the previous year [1]. Business Evaluation - The historical median Return on Invested Capital (ROIC) over the past decade is 2.6%, indicating weak investment returns [1]. - The company has reported two years of losses since its listing, suggesting a fragile business model [1].