UDC(SZ:000036) Zheng Quan Zhi Xing·2025-08-27 22:56Financial Performance - The company reported a significant decline in net profit, down 93.84% year-on-year, with a net profit of 2.0356 million yuan for the first half of 2025 [1] - Total operating revenue for the company was 21.4 million yuan, a decrease of 1.92% compared to the previous year [1] - The gross profit margin improved to 50.93%, an increase of 15.66% year-on-year, while the net profit margin fell to 4.63%, down 74.82% [1] Quarterly Analysis - In Q2 2025, the company generated operating revenue of 10.4 million yuan, a decline of 7.66% year-on-year, and reported a negative net profit of 3.6988 million yuan, a decrease of 129.31% [1] - The company's operating cash flow per share was -0.02 yuan, showing a 90.5% improvement year-on-year [1] Cost Structure - Total expenses (selling, administrative, and financial) amounted to 74.6704 million yuan, accounting for 34.97% of revenue, which is an increase of 29.39% year-on-year [1] - The company's return on invested capital (ROIC) was 0.83%, indicating weak capital returns, with a historical median ROIC of 9.33% over the past decade [3] Share Buyback Program - The company has implemented two phases of share repurchase plans from 2024 to 2025, buying back a total of 97.2153 million shares, which is 6.55% of the total share capital, for a total amount of approximately 299.97 million yuan [3] - The company plans to cancel 80.1153 million shares from the repurchase, which represents 5.40% of the current total share capital [3] Inventory Concerns - The company's inventory to revenue ratio has reached 608.58%, suggesting potential issues with inventory management [3]