SDDSC(SZ:002041) Zheng Quan Zhi Xing·2025-08-28 22:59Core Insights - The company, Denghai Seeds, reported a decline in total revenue and net profit for the first half of 2025 compared to the same period in 2024, with total revenue at 369 million yuan, down 9.41%, and net profit at 35.11 million yuan, down 33.42% [1] - The second quarter showed a revenue increase of 17.97% year-on-year, but net profit decreased significantly by 53.48% [1] - The company's accounts receivable is notably high, with accounts receivable accounting for 105.54% of the latest annual net profit [1] Financial Performance - Total revenue for 2025 was 369 million yuan, compared to 408 million yuan in 2024, reflecting a decrease of 9.41% [1] - Net profit for 2025 was 35.11 million yuan, down from 52.74 million yuan in 2024, a decline of 33.42% [1] - The gross profit margin improved to 27.72%, an increase of 9.23% year-on-year, while the net profit margin decreased to 8.67%, down 26.15% [1] - Total expenses (selling, administrative, and financial) amounted to 57.99 million yuan, representing 15.7% of revenue, an increase of 5.74% [1] Cash Flow and Debt - The company has a healthy cash position, with cash assets reported at 1.707 billion yuan, a 16.99% increase from the previous year [1][2] - The company’s operating cash flow per share was -0.07 yuan, showing a 50.07% improvement year-on-year [1] - The company’s interest-bearing debt increased significantly by 108.22%, reaching 39.25 million yuan [1] Investment Metrics - The company's return on invested capital (ROIC) was reported at 1.31%, indicating weak capital returns [1] - Historical data shows a median ROIC of 5.06% over the past decade, with the worst year being 2019 at -1.33% [1] - Analysts expect the company's performance for 2025 to reach 161 million yuan, with an average earnings per share of 0.18 yuan [3] Fund Holdings - The largest fund holding Denghai Seeds is the Ping An Flexible Allocation Mixed A Fund, which holds 50,000 shares and has recently entered the top ten holdings [4]