丽人丽妆（605136）2025年中报简析：净利润同比下降1315.98%

Core Viewpoint - The financial performance of Liren Lizhuang (605136) in the 2025 mid-year report shows significant declines in net profit and revenue, indicating potential challenges in its business model and market conditions [1][3]. Financial Performance Summary - Total operating revenue for 2025 is 831 million yuan, a decrease of 13.98% compared to 2024 [1]. - The net profit attributable to shareholders is -32.76 million yuan, reflecting a staggering decline of 1315.98% year-on-year [1]. - The gross profit margin stands at 39.7%, an increase of 14.28% from the previous year, while the net profit margin is -4.11%, a decrease of 2404.43% [1]. - Total expenses (selling, administrative, and financial) amount to 318 million yuan, accounting for 38.28% of revenue, which is an increase of 12.95% [1]. - Earnings per share are -0.08 yuan, a drastic decline of 900% compared to the previous year [1]. Changes in Financial Items - The change in trading financial assets is 69.49%, attributed to increased investments in financial products [3]. - Other receivables increased by 49.02% due to advances made to brand partners and increased platform balances [3]. - The decrease in right-of-use assets is -40.07%, resulting from the termination of some lease agreements [3]. - The increase in intangible assets by 63.45% is due to the acquisition of trademark rights [3]. - The net cash flow from operating activities decreased by 54.27%, primarily due to a decline in overall revenue and reduced repayments from brand partners [4]. Business Model Evaluation - The company's performance heavily relies on marketing-driven strategies, necessitating a thorough examination of the underlying factors influencing these drivers [4]. - Historical data indicates a median Return on Invested Capital (ROIC) of 13.11%, with the worst year being 2022 at -5.88%, suggesting a fragile business model [4].