JSZY(SH:600770) Zheng Quan Zhi Xing·2025-08-27 22:56Core Insights - The company reported a significant increase in total revenue and net profit for the first half of 2025, with total revenue reaching 213 million yuan, up 40.82% year-on-year, and net profit attributable to shareholders at 19.89 million yuan, up 203.09% year-on-year [1][2]. Financial Performance - Total revenue for the second quarter of 2025 was 111 million yuan, reflecting a year-on-year increase of 26.62% [1]. - The net profit for the second quarter was 26.39 million yuan, showing a year-on-year increase of 14.65% [1]. - The gross profit margin decreased to 22.99%, down 18.92% year-on-year, while the net profit margin improved to 13.39%, up 151.23% year-on-year [1]. - Total expenses (selling, administrative, and financial) amounted to 72.19 million yuan, accounting for 33.87% of revenue, a decrease of 22.55% year-on-year [1]. - Earnings per share increased to 0.02 yuan, a 300% increase year-on-year, while operating cash flow per share dropped to 0.0 yuan, down 90.45% year-on-year [1]. Accounts Receivable and Profitability - Accounts receivable increased to 184 million yuan, up 24.78% year-on-year, with accounts receivable representing 608.7% of the net profit [1][3]. - The company’s return on invested capital (ROIC) was reported at 0.13%, indicating weak capital returns historically, with a median ROIC of 1.32% over the past decade [3]. Cash Flow and Investment Activities - Operating cash flow decreased significantly by 90.45% due to increased cash payments for goods by subsidiaries [2]. - Investment cash flow increased by 126.41%, attributed to reduced cash outflows for financial products in the previous period [2]. - Financing cash flow increased by 43.96%, due to the repayment of bank loans in the previous period [2]. Subsidiary Performance - The increase in revenue was partly due to the consolidation of the subsidiary Jiangsu Xinjuhuan Environmental Protection, which contributed additional revenue [1][2]. - The subsidiary Jiangsu Gaotou turned a profit compared to the previous period, contributing positively to the overall net profit [2][3].