Sou Hu Cai Jing·2025-08-28 22:46Core Viewpoint - *ST Meigu's financial performance for the first half of 2025 shows significant declines in revenue and net profit, indicating increased short-term debt pressure and poor operational efficiency [1]. Financial Performance Summary - Total revenue for the first half of 2025 was 482 million yuan, a decrease of 10.55% year-on-year [1]. - The net profit attributable to shareholders was -83.39 million yuan, down 33.67% compared to the previous year [1]. - In Q2 2025, total revenue was 245 million yuan, reflecting a year-on-year decline of 7.51% [1]. - The net profit for Q2 2025 was -42.21 million yuan, a decrease of 19.33% year-on-year [1]. Key Financial Ratios - Gross margin stood at 20.96%, down 22.43% year-on-year [1]. - Net margin was -20.87%, a significant drop of 87.93% compared to the previous year [1]. - Total expenses (selling, administrative, and financial) amounted to 155 million yuan, accounting for 32.08% of revenue, a decrease of 7.12% year-on-year [1]. - Earnings per share were -0.11 yuan, down 37.5% year-on-year [1]. Cash Flow and Debt Analysis - Cash flow per share was 0.02 yuan, a decline of 81.26% year-on-year [1]. - The current ratio was 0.39, indicating rising short-term debt pressure [1]. - The company had a total of 1.17 billion yuan in cash and cash equivalents, a slight increase of 3.99% year-on-year [1]. - Interest-bearing liabilities were 1.062 billion yuan, down 12.42% year-on-year [1]. Historical Performance Insights - The company's historical return on invested capital (ROIC) has been weak, with a median of 3.76% over the past decade [4]. - The worst year for ROIC was 2022, with a value of -61.52% [4]. - The company has reported losses in 8 out of 28 annual reports since its listing, indicating a challenging financial history [4]. Business Model and Operational Concerns - The company's performance is primarily driven by marketing efforts, necessitating a deeper analysis of the underlying drivers [4]. - Cash flow metrics indicate potential liquidity issues, with cash as a percentage of total assets at only 5.27% and cash to current liabilities at 13.41% [4]. - The financial expense ratio relative to the average operating cash flow over the past three years is concerning, at 54.05% [4].