iREAL(SZ:300150) Zheng Quan Zhi Xing·2025-08-27 22:59Core Viewpoint - Century Real (300150) reported a strong performance in its 2025 mid-year financial results, with significant increases in revenue and net profit compared to the previous year, despite a slight decline in quarterly revenue [1]. Financial Performance Summary - Total revenue for the first half of 2025 reached 356 million yuan, a year-on-year increase of 10.15% [1]. - Net profit attributable to shareholders was 41.53 million yuan, up 143.49% year-on-year [1]. - The second quarter saw total revenue of 233 million yuan, a decrease of 1.94% year-on-year, while net profit for the quarter was 40.32 million yuan, an increase of 33.88% [1]. - The gross profit margin was 41.05%, down 1.21% year-on-year, while the net profit margin increased to 11.41%, up 140.91% [1]. - Total operating expenses (selling, administrative, and financial) amounted to 73.09 million yuan, accounting for 20.52% of revenue, a decrease of 18.92% year-on-year [1]. - Earnings per share rose to 0.07 yuan, an increase of 133.33% year-on-year [1]. Balance Sheet Highlights - Cash and cash equivalents increased to 336 million yuan, a rise of 16.97% year-on-year [1]. - Accounts receivable stood at 841 million yuan, a slight increase of 1.60% year-on-year, with accounts receivable to net profit ratio at an alarming 2460.72% [1][9]. - Interest-bearing debt rose to 68.24 million yuan, an increase of 42.04% year-on-year [1]. Cash Flow Analysis - Net cash flow from operating activities showed a significant decline of 121.64%, attributed to reduced cash receipts from sales [2]. - Cash flow from financing activities increased by 239.99%, driven by higher borrowings [3]. - The net increase in cash and cash equivalents decreased by 92.09%, reflecting reduced cash inflows from operating activities [4]. Other Financial Metrics - The company reported a decrease in financial expenses by 97.3%, due to increased interest income [2]. - The return on invested capital (ROIC) was reported at 1.96%, indicating weak capital returns historically [8]. - The company has experienced three years of losses since its IPO, highlighting a fragile business model [8].