Zhejiang Yunzhongma (SH:603130) Zheng Quan Zhi Xing·2025-08-27 22:56Core Viewpoint - Yunzhongma (603130) reported mixed financial results for the first half of 2025, with revenue growth but a significant decline in net profit compared to the previous year [1] Financial Performance - Total revenue for the first half of 2025 reached 1.245 billion yuan, an increase of 2.17% year-on-year [1] - Net profit attributable to shareholders was 35.76 million yuan, a decrease of 30.46% year-on-year [1] - In Q2 2025, total revenue was 659 million yuan, down 1.81% year-on-year, while net profit was 25.41 million yuan, down 6.95% year-on-year [1] Key Financial Ratios - Gross margin stood at 8.21%, a decline of 21.75% year-on-year [1] - Net margin was 2.87%, down 31.94% year-on-year [1] - Total expenses (selling, administrative, and financial) amounted to 41.51 million yuan, representing 3.33% of revenue, an increase of 7.74% year-on-year [1] Balance Sheet Highlights - Cash and cash equivalents increased to 623 million yuan, up 7.74% year-on-year [1] - Accounts receivable rose to 478 million yuan, a 9.31% increase year-on-year, with accounts receivable to net profit ratio at 475.86% [1][2] - Interest-bearing debt increased to 1.175 billion yuan, a rise of 12.17% year-on-year [1] Earnings Per Share - Earnings per share (EPS) decreased to 0.26 yuan, down 29.73% year-on-year [1] - Operating cash flow per share was -0.72 yuan, an improvement of 50.96% year-on-year [1] Return on Investment - The company's return on invested capital (ROIC) for the previous year was 4.88%, indicating weak capital returns [1] - Historical median ROIC since listing is 17.57%, suggesting that the company has had better investment returns in the past [1]