Furuise(SZ:300228) Zheng Quan Zhi Xing·2025-08-27 22:56Core Insights - The company reported a total revenue of 1.375 billion yuan for the first half of 2025, a year-on-year decrease of 14.75% [1] - The net profit attributable to shareholders was 84.12 million yuan, showing a slight increase of 1.84% compared to the previous year [1] - The company's gross margin improved by 2.91% year-on-year, reaching 21.7%, while the net margin increased by 22.98% to 7.94% [1] Financial Performance - Total revenue for 2025 was 1.375 billion yuan, down from 1.613 billion yuan in 2024, reflecting a decline of 14.75% [1] - The net profit attributable to shareholders rose to 84.12 million yuan from 82.61 million yuan, marking a growth of 1.84% [1] - The company’s gross margin increased to 21.7% from 19.85%, a rise of 9.28% [1] - The net margin improved to 7.94% from 6.46%, an increase of 22.98% [1] Cash Flow and Assets - The company’s cash and cash equivalents increased by 14.34% to 666 million yuan [1] - Accounts receivable decreased by 21.31% to 712 million yuan [1] - The company’s interest-bearing debt reduced significantly by 41.49% to 155 million yuan [1] Cost Management - Total selling, administrative, and financial expenses amounted to 88.11 million yuan, accounting for 6.41% of revenue, a slight decrease of 1.2% year-on-year [1] - The company’s operating cash flow per share improved to -0.05 yuan, a significant increase of 75.8% from -0.21 yuan [1] Investment and Returns - The company’s return on invested capital (ROIC) was reported at 11.22%, indicating a generally weak capital return over recent years [4] - Historical data shows a median ROIC of 2.5% over the past decade, with three years of losses since its IPO, suggesting a fragile business model [4] - The company’s cash flow situation is concerning, with cash and cash equivalents covering only 70.51% of current liabilities [4]