Leascend(SZ:300051) Zheng Quan Zhi Xing·2025-08-27 23:31Core Viewpoint - Liansheng Technology (300051) reported mixed financial results for the first half of 2025, with significant revenue growth but continued losses and rising debt pressure [1][3]. Financial Performance - Total revenue for the first half of 2025 reached 209 million yuan, a year-on-year increase of 35.9% compared to 154 million yuan in the same period of 2024 [1]. - The net profit attributable to shareholders was -50.16 million yuan, a decline of 18.24% from -42.42 million yuan in the previous year [1]. - In Q2 2025, total revenue was 110 million yuan, up 10.84% year-on-year, while the net profit attributable to shareholders was -26.87 million yuan, down 92.8% [1]. Profitability Metrics - Gross margin was -16.84%, a decrease of 350.8% year-on-year, indicating a significant decline in profitability [1]. - Net margin was -65.8%, an improvement of 30.13% compared to -94.19% in the previous year [1]. - Total expenses (selling, administrative, and financial) amounted to 82.06 million yuan, accounting for 39.18% of revenue, a decrease of 33.91% year-on-year [1]. Cash Flow and Debt Situation - The company reported a current ratio of 0.3, indicating rising short-term debt pressure [1][4]. - Cash and cash equivalents increased by 51.17% to 87.26 million yuan, while accounts receivable decreased by 47.87% to 28.44 million yuan [1]. - Interest-bearing liabilities rose by 16.43% to 711 million yuan, with a debt-to-asset ratio of 23.2% [4]. Investment Returns - The company's historical return on invested capital (ROIC) has been poor, with a median of -5.51% over the past decade and a worst year in 2018 at -29.58% [3]. - The company has reported losses in 8 out of 14 annual reports since its listing, indicating a challenging investment outlook [3]. Fund Holdings - The largest fund holding Liansheng Technology is the Huaxia Low Carbon Economy Mixed Fund A, which holds 1.7898 million shares and has not changed its position [5].