SKGF(SZ:002633) Zheng Quan Zhi Xing·2025-08-27 22:56Group 1 - The core viewpoint of the article highlights the disappointing financial performance of Shenkai Co., Ltd. for the first half of 2025, with significant declines in revenue and net profit compared to the previous year [1] - The total operating revenue for the first half of 2025 was 140 million yuan, a decrease of 13.55% year-on-year, while the net profit attributable to shareholders was 3.29 million yuan, down 50.41% year-on-year [1] - In Q2 2025, the operating revenue was 69.12 million yuan, reflecting a 25.31% decline year-on-year, and the net profit attributable to shareholders was 2.43 million yuan, a decrease of 58.74% year-on-year [1] Group 2 - The company reported a gross profit margin of 25.11%, an increase of 11.95% year-on-year, but the net profit margin fell to 2.35%, down 42.64% year-on-year [1] - Total expenses (selling, administrative, and financial) amounted to 21.64 million yuan, accounting for 15.45% of revenue, which is an increase of 25.73% year-on-year [1] - The company's accounts receivable were notably high, with accounts receivable to net profit ratio reaching 2753.25% [1][3] Group 3 - The company's return on invested capital (ROIC) was 1.89% last year, indicating weak capital returns, with a historical median ROIC of -2.45% over the past decade [3] - The company has experienced a cyclical performance, with a net profit margin of 2.12% last year, suggesting low added value in its products or services [3] - The cash flow situation is concerning, with cash and cash equivalents to current liabilities at only 14.93%, and the average operating cash flow to current liabilities over the past three years at 11.15% [3]