CONSYS(SH:688788) Zheng Quan Zhi Xing·2025-08-28 14:28Core Viewpoint - Kesi Technology (688788) reported a significant increase in revenue and a reduction in net loss for the first half of 2025, indicating potential recovery despite ongoing financial challenges [1]. Financial Performance - Total revenue for the first half of 2025 reached 154 million yuan, a year-on-year increase of 40.54% compared to 110 million yuan in the same period of 2024 [1]. - The net profit attributable to shareholders was -109 million yuan, improving by 22.23% from -140 million yuan in the previous year [1]. - In Q2 2025, total revenue was 134 million yuan, up 39.83% year-on-year, while the net profit attributable to shareholders was -50.37 million yuan, an increase of 41.61% [1]. Profitability Metrics - Gross margin stood at 48.02%, down 7.66% from the previous year, while net margin improved to -71.95%, a 47.21% increase [1]. - The total of selling, administrative, and financial expenses was 42.95 million yuan, accounting for 27.8% of revenue, a decrease of 16.01% year-on-year [1]. Balance Sheet Highlights - Cash and cash equivalents decreased significantly by 66.61% to 435 million yuan from 1.304 billion yuan [1]. - Accounts receivable amounted to 577 million yuan, down 7.20% from 622 million yuan [1]. - The company's net asset value per share was 13.16 yuan, a decrease of 39.85% from 21.87 yuan [1]. Cash Flow and Debt - Operating cash flow per share was -0.95 yuan, a significant decline of 282.21% from -0.25 yuan [1]. - Interest-bearing debt increased by 5.29% to 12.62 million yuan from 11.98 million yuan [1]. Investment and Governance - The company has faced challenges in return on invested capital (ROIC), with a historical median of -1.73% since its listing, indicating poor investment returns [3]. - The company recently completed a board restructuring, aiming to enhance its core competitiveness and improve profitability [5].