Huijin(SZ:300368) Zheng Quan Zhi Xing·2025-08-28 22:59Financial Performance - The company's total revenue for the first half of 2025 was 80.94 million yuan, a decrease of 32.99% year-on-year [1] - The net profit attributable to shareholders was -35.46 million yuan, an increase of 37.71% year-on-year [1] - In Q2 2025, total revenue was 54.68 million yuan, an increase of 7.44% year-on-year, while the net profit attributable to shareholders was -21.40 million yuan, an increase of 48.33% year-on-year [1] Key Financial Ratios - The gross profit margin was 20.17%, a decrease of 46.65% year-on-year [1] - The net profit margin was -49.90%, an increase of 1.95% year-on-year [1] - The total of selling, administrative, and financial expenses was 35.84 million yuan, accounting for 44.29% of revenue, a decrease of 30.32% year-on-year [1] Balance Sheet Highlights - The company's accounts receivable accounted for 79.99% of the latest annual revenue [1] - Cash and cash equivalents decreased by 46.87% year-on-year to 28.99 million yuan [1] - Interest-bearing liabilities decreased by 65.19% year-on-year to 9.51 million yuan [1] Historical Performance - The company's historical return on invested capital (ROIC) has been weak, with a median of 4.85% over the past 10 years [3] - The worst year for ROIC was 2024, at -48.4%, indicating extremely poor investment returns [3] - The company has reported losses in 4 out of the 10 years since its IPO, suggesting a generally unfavorable investment outlook [3]