Holystar(SH:688330) Zheng Quan Zhi Xing·2025-08-28 22:59Core Viewpoint - The recent financial report of Honglida (688330) shows a decline in total revenue but an increase in net profit, indicating mixed performance in the company's financial health [1]. Financial Performance - Total revenue for the first half of 2025 was 385 million yuan, a decrease of 16.58% compared to 462 million yuan in 2024 [1]. - Net profit attributable to shareholders reached 98.64 million yuan, reflecting a year-on-year increase of 2.56% from 96.18 million yuan [1]. - In Q2 2025, total revenue was 226 million yuan, down 7.4% year-on-year, while net profit for the same period was 77.74 million yuan, up 30.17% [1]. Profitability Metrics - Gross margin improved to 52.54%, an increase of 8.03% year-on-year, while net margin rose to 25.19%, up 20.96% [1]. - The total of selling, administrative, and financial expenses reached 55.27 million yuan, accounting for 14.35% of total revenue, which is a 41.17% increase year-on-year [1]. Cash Flow and Assets - The company reported operating cash flow per share of 0.97 yuan, a significant increase of 30.91% from 0.74 yuan [1]. - Cash and cash equivalents decreased to 494.1 million yuan, down 47.85% from 947 million yuan [1]. Debt and Receivables - The company’s interest-bearing debt was reported at 55.55 million yuan, a decrease of 46.61% from 104 million yuan [1]. - Accounts receivable stood at 896.78 million yuan, down 9.37% from 989 million yuan, but the accounts receivable to profit ratio reached 402.33%, indicating potential concerns in receivables management [3]. Return on Investment - The company's return on invested capital (ROIC) for the previous year was 5.69%, with a historical median ROIC of 12.38% since its listing [1].