Annil (SZ:002875) Zheng Quan Zhi Xing·2025-08-27 22:59Core Viewpoint - Anner's financial report for the first half of 2025 shows a narrowing loss, with total revenue declining significantly compared to the previous year, indicating ongoing challenges in the business environment [1]. Financial Performance - Total revenue for the first half of 2025 was 263 million yuan, a decrease of 23.47% year-on-year [1]. - The net profit attributable to shareholders was -28.7 million yuan, an improvement of 4.59% compared to the previous year [1]. - In Q2 2025, total revenue was 119 million yuan, down 18.32% year-on-year, while the net profit attributable to shareholders was -20.4 million yuan, up 51.69% year-on-year [1]. - Gross margin stood at 51.73%, a decrease of 1.88% year-on-year, while net margin was -11.09%, down 24.56% year-on-year [1]. - Total operating expenses (selling, administrative, and financial expenses) amounted to 160 million yuan, accounting for 60.72% of revenue, an increase of 3.56% year-on-year [1]. Key Financial Ratios - Earnings per share remained at -0.14 yuan, with a significant drop in operating cash flow per share to 0.01 yuan, down 93.36% year-on-year [1]. - The company's net asset per share decreased to 3.18 yuan, a decline of 14.5% year-on-year [1]. - The company’s interest-bearing debt increased by 108.37% to 245 million yuan, indicating a significant rise in leverage [1]. Business Model and Historical Performance - The company relies heavily on marketing-driven performance, which requires careful analysis of the underlying drivers [2]. - Historical data shows a median Return on Invested Capital (ROIC) of 8.5%, with a notably poor ROIC of -20.41% in the worst year, 2022 [2]. - The company has reported losses in five out of its seven years since going public, suggesting a challenging financial history [2].