KNT(SZ:300225) Zheng Quan Zhi Xing·2025-08-28 22:59Core Viewpoint - *ST Jintai (300225) reported mixed financial results for the first half of 2025, with revenue growth but a significant decline in net profit, indicating potential challenges in its business model and cash flow management [1][2]. Financial Performance - Total revenue for the first half of 2025 reached 367 million yuan, a year-on-year increase of 5.66% [1]. - Net profit attributable to shareholders was 8.71 million yuan, down 32.98% compared to the previous year [1]. - In Q2 2025, total revenue was 201 million yuan, reflecting a 6.63% increase year-on-year, while net profit dropped 70.31% to 3.08 million yuan [1]. - The gross margin was 29.98%, a decrease of 2.8% year-on-year, and the net margin fell to 1.99%, down 40.29% [1]. - Total receivables reached 307 million yuan, representing an 11.37% increase, with receivables accounting for 993.83% of the net profit [1]. Cash Flow and Financial Health - Cash and cash equivalents decreased by 84.19% to 56.76 million yuan [1]. - The company reported a negative operating cash flow per share of -0.16 yuan, a decline of 300.47% year-on-year [1]. - The ratio of cash to current liabilities was only 17.68%, indicating potential liquidity issues [2]. Business Model and Operational Insights - The company's performance is primarily driven by research and marketing efforts, which require careful examination of underlying factors [2]. - Historical data shows a weak return on invested capital (ROIC) of 3.34% for the previous year, with a median ROIC of 3.19% over the past decade [1]. - The company has experienced two years of losses since its IPO, suggesting a fragile business model [1].