Leon(SZ:300603) Zheng Quan Zhi Xing·2025-08-28 14:25Core Insights - The company reported a total revenue of 376 million yuan for the first half of 2025, representing a year-on-year increase of 23.41%, but the net profit attributable to shareholders was a loss of 59.7 million yuan, a significant decline of 258.48% compared to the previous year [1] - The second quarter revenue was 199 million yuan, up 22.21% year-on-year, while the net profit attributable to shareholders for the same period was a loss of 36.9 million yuan, down 587.67% year-on-year [1] - The company's accounts receivable are notably high, with accounts receivable accounting for 2427.34% of the latest annual net profit [3] Financial Performance - Total revenue for 2024 was 304 million yuan, which increased to 376 million yuan in 2025, showing a growth of 23.41% [1] - The net profit attributable to shareholders decreased from a loss of 16.7 million yuan in 2024 to a loss of 59.7 million yuan in 2025, reflecting a decline of 258.48% [1] - The gross profit margin fell from 12.85% in 2024 to 6.75% in 2025, a decrease of 47.45% [1] - The net profit margin worsened from -5.24% in 2024 to -15.89% in 2025, a decline of 203.03% [1] - Total expenses (sales, management, and financial) amounted to 44.4 million yuan, accounting for 11.83% of revenue, down 16.66% year-on-year [1] Operational Insights - The company's cash and cash equivalents decreased significantly from 623 million yuan in 2024 to 203 million yuan in 2025, a drop of 67.39% [1] - Accounts receivable slightly decreased from 674 million yuan in 2024 to 628 million yuan in 2025, a decline of 6.85% [1] - The company’s return on invested capital (ROIC) was 1.05% last year, indicating weak capital returns [4] - The historical median ROIC since the company’s listing is 6.47%, with a particularly poor performance in 2020, where ROIC was -37.06% [4] - The business model relies heavily on R&D, marketing, and capital expenditures, necessitating careful evaluation of capital spending projects [4]