NKY(SZ:300109) Zheng Quan Zhi Xing·2025-08-27 22:56Core Insights - The company reported a significant decline in both revenue and net profit for the first half of 2025 compared to the same period in 2024, with total revenue at 644 million yuan, down 12.36%, and net profit at 139 million yuan, down 34.74% [1][3] Financial Performance - Total revenue for Q2 2025 was 319 million yuan, a decrease of 6.16% year-on-year [1] - Net profit for Q2 2025 was 58.54 million yuan, down 36.06% year-on-year [1] - Gross margin decreased to 42.98%, down 22.06% year-on-year, while net margin fell to 21.41%, down 26.36% year-on-year [1] - Total expenses (selling, administrative, and financial) amounted to 75.10 million yuan, accounting for 11.66% of revenue, a decrease of 6.18% year-on-year [1] - Earnings per share (EPS) dropped to 0.29 yuan, down 35.56% year-on-year [1] Cash Flow and Receivables - Accounts receivable represented 86.53% of the latest annual net profit, indicating a significant amount of outstanding payments [4] - The net cash flow from operating activities decreased by 52.97% due to reduced cash receipts from sales [3] - The net cash flow from investing activities increased by 165.84% due to the maturity of time deposits [3] - The net increase in cash and cash equivalents rose by 248.78%, also attributed to the maturity of time deposits [3] Return on Investment - The company's return on invested capital (ROIC) for the previous year was 8.27%, indicating average capital returns [3] - Historical data shows a median ROIC of 6.46% over the past decade, with the lowest recorded ROIC at 1.99% in 2020 [3]