Goldcard(SZ:300349) Zheng Quan Zhi Xing·2025-08-27 23:31Core Viewpoint - The financial performance of Jinka Intelligent (300349) for the first half of 2025 shows a mixed picture, with revenue growth but a significant decline in net profit compared to the previous year [1][2]. Financial Performance Summary - Total revenue for the first half of 2025 reached 1.539 billion yuan, an increase of 3.69% year-on-year [1]. - The net profit attributable to shareholders was 135 million yuan, a decrease of 37.97% year-on-year [1]. - In Q2 2025, total revenue was 837 million yuan, up 9.34% year-on-year, while net profit was 91.576 million yuan, down 23.13% year-on-year [1]. - The gross profit margin was 35.9%, down 11.71% year-on-year, and the net profit margin was 8.79%, down 41.73% year-on-year [1]. - Total accounts receivable increased to 2.137 billion yuan, a rise of 10.95% year-on-year, with accounts receivable accounting for 593.52% of the latest annual net profit [1][2]. Cost and Efficiency Metrics - Total selling, administrative, and financial expenses amounted to 307 million yuan, representing 19.94% of revenue, a slight decrease of 0.3% year-on-year [1]. - Earnings per share (EPS) decreased to 0.33 yuan, down 37.74% year-on-year, while the operating cash flow per share was -0.45 yuan, a decrease of 8.77% year-on-year [1]. Business Model Insights - The company's performance is primarily driven by marketing efforts, necessitating a thorough examination of the underlying factors behind this drive [2]. - The company's return on invested capital (ROIC) for the previous year was 7.22%, indicating average capital returns, with a historical median ROIC of 7.93% over the past decade [1].