Youon(SH:603776) Zheng Quan Zhi Xing·2025-08-28 22:59Financial Performance - The company reported total revenue of 193 million yuan for the first half of 2025, a decrease of 21.29% year-on-year [1] - The net profit attributable to shareholders was -65.48 million yuan, representing a decline of 739.17% compared to the previous year [1] - In Q2 2025, total revenue was 110 million yuan, down 17.06% year-on-year, with a net profit of -40.85 million yuan, a decrease of 1452.46% [1] - The gross margin fell to 0.23%, a drop of 98.3% year-on-year, while the net margin was -33.16%, down 1067.29% [1] Financial Ratios and Metrics - The company's accounts receivable accounted for 86.55% of total revenue, indicating a significant reliance on credit [1] - Total expenses (selling, administrative, and financial) reached 38.72 million yuan, which is 20.05% of revenue, an increase of 26.29% year-on-year [1] - Earnings per share decreased to -0.27 yuan, a drop of 800.0% year-on-year, while operating cash flow per share was 0.14 yuan, down 47.34% [1] Historical Context - The company's historical median ROIC since its IPO is 20.03%, but the ROIC for the worst year, 2023, was -2.34%, indicating poor investment returns [3] - The company has reported losses in three out of seven annual reports since its listing, suggesting a fragile business model [3] - Despite recent poor performance, the company's cash assets are considered healthy, indicating some level of financial stability [3]