TGOOD(SZ:300001) Zheng Quan Zhi Xing·2025-08-28 22:59Core Insights - The company Tereader (300001) reported a significant increase in revenue and net profit for the first half of 2025, with total revenue reaching 6.256 billion yuan, up 16.72% year-on-year, and net profit attributable to shareholders at 327 million yuan, up 69.32% year-on-year [1] Financial Performance - Total revenue for Q2 2025 was 4.153 billion yuan, reflecting a year-on-year increase of 24.81% - Net profit for Q2 2025 was 262 million yuan, showing a remarkable year-on-year increase of 99.37% - Gross margin improved to 25.64%, up 6.52% year-on-year, while net margin increased to 5.17%, up 46.78% year-on-year [1] - The total of selling, administrative, and financial expenses was 948 million yuan, accounting for 15.16% of revenue, a slight decrease of 0.57% year-on-year [1] Key Financial Metrics - Earnings per share (EPS) rose to 0.32 yuan, an increase of 68.42% year-on-year - The company's net asset per share was 7.19 yuan, up 14.44% year-on-year - Operating cash flow per share was -0.8 yuan, a decrease of 20.18% year-on-year [1] Business Evaluation - The company's return on invested capital (ROIC) for the previous year was 7.83%, indicating average capital returns - The net profit margin was recorded at 6.11%, suggesting average added value for products or services [3] - Historical data shows a median ROIC of 4.95% over the past decade, with the lowest ROIC in 2022 at 3.45% [3] Cash Flow and Receivables - The cash flow situation is a concern, with cash and cash equivalents to current liabilities ratio at 23.95% - The average operating cash flow to current liabilities ratio over the past three years is 15.74% - Accounts receivable have reached 1033.97% of profit, indicating potential issues in receivables management [3] Shareholding Information - Several funds have increased their holdings in Tereader, including CITIC Excellence Growth Mixed Fund and others, indicating growing institutional interest [4]