Leadman(SZ:300289) Zheng Quan Zhi Xing·2025-08-27 23:31Financial Performance - The company reported a total revenue of 160 million yuan for the first half of 2025, a decrease of 14.8% compared to 188 million yuan in the same period of 2024 [1] - The net profit attributable to shareholders was -4.2452 million yuan, reflecting a significant decline of 800.43% from a profit of 606,100 yuan in the previous year [1] - The gross margin decreased to 52.02%, down by 6.65% year-on-year, while the net margin turned negative at -2.21%, a drop of 243.75% [1] Quarterly Analysis - In Q2 2025, the company achieved a revenue of 81.5754 million yuan, which is a 12.97% decline from the previous year [1] - The Q2 net profit attributable to shareholders was -2.9935 million yuan, marking a drastic decrease of 190.4% compared to the same quarter in 2024 [1] Cost and Expenses - Total selling, administrative, and financial expenses amounted to 74.0649 million yuan, accounting for 46.15% of revenue, which is an increase of 4.61% year-on-year [1] - The company reported a significant drop in operating cash flow per share to 0.0 yuan, a decrease of 96.34% from 0.04 yuan in the previous year [1] Historical Performance - The company's historical financial performance has been weak, with a median Return on Invested Capital (ROIC) of 2.12% over the past decade, and a particularly poor ROIC of -4.89% in 2024 [3] - The company has reported losses in three out of twelve annual reports since its listing, indicating a fragile business model [3] Financial Health - The company maintains a healthy cash asset position, which is crucial for its debt repayment capabilities [3]