WMM(SZ:002149) Zheng Quan Zhi Xing·2025-08-28 14:24Financial Performance - The company reported a total revenue of 1.539 billion yuan for the first half of 2025, a decrease of 0.35% year-on-year [1] - The net profit attributable to shareholders was 61.1646 million yuan, down 36.03% compared to the previous year [1] - In Q2 2025, the revenue was 785 million yuan, reflecting a decline of 6.53% year-on-year, while the net profit for the same quarter was 29.0062 million yuan, a drop of 50.76% [1] - The gross margin was 17.66%, down 22.66% year-on-year, and the net margin was 4.55%, a decrease of 43.88% [1] Financial Ratios and Metrics - The company's accounts receivable accounted for 900.78% of the latest annual net profit, indicating a significant amount of outstanding receivables [1] - The total of selling, administrative, and financial expenses was 105 million yuan, which is 6.83% of revenue, down 20.77% year-on-year [1] - Earnings per share (EPS) decreased to 0.13 yuan, down 36.01% from the previous year [1] - The company had a return on invested capital (ROIC) of 4.28% last year, indicating weak capital returns [4] Cash Flow and Debt Situation - The company reported a negative operating cash flow per share of -0.06 yuan, a decline of 119.85% year-on-year [1] - The cash and cash equivalents increased to 682 million yuan, up 8.96% year-on-year [1] - The interest-bearing debt decreased to 1.596 billion yuan, down 6.20% year-on-year [1] - The debt-to-asset ratio for interest-bearing liabilities reached 22.36% [4] Investment and Market Position - Analysts expect the company's performance for 2025 to be around 201 million yuan, with an average EPS forecast of 0.41 yuan [3] - The company has a history of weak financial performance, with two years of losses since its listing and a median ROIC of 4.63% over the past decade [4] - The company relies heavily on research and development for its business model, which requires careful examination of the underlying drivers [4] Fund Holdings - The largest fund holding the company's shares is the Guotou Ruijin National Security Mixed A fund, with 17.3979 million shares and a recent net value of 1.2494 [5] - Several funds have increased their holdings in the company, indicating potential investor interest [5]