YATAI(SZ:000691) Zheng Quan Zhi Xing·2025-08-28 22:59Core Viewpoint - *ST Asia Pacific (000691) reported disappointing financial results for the first half of 2025, with significant declines in revenue and net profit compared to the previous year [1][3]. Financial Performance - Total revenue for the first half of 2025 was 223 million yuan, a decrease of 8.88% year-on-year [1]. - The net profit attributable to shareholders was -23.72 million yuan, down 67.13% year-on-year [1]. - In Q2 2025, total revenue was 132 million yuan, a decline of 5.33% year-on-year, with a net profit of -14.67 million yuan, a drop of 178.65% year-on-year [1]. Profitability Metrics - Gross margin improved to 12.73%, an increase of 62.61% year-on-year, while net margin was -10.96%, a decrease of 54.62% year-on-year [1]. - The total of selling, administrative, and financial expenses was 33.18 million yuan, accounting for 14.91% of revenue, an increase of 13.7% year-on-year [1]. Balance Sheet Indicators - Current ratio reached 0.58, indicating increased short-term debt pressure [1]. - Cash and cash equivalents decreased by 27.18% to 26.40 million yuan [1]. - Interest-bearing debt rose by 29.39% to 128 million yuan [1]. Shareholder Metrics - Earnings per share was -0.07 yuan, a decrease of 67.2% year-on-year [1]. - Net asset per share was -0.27 yuan, down 437.1% year-on-year [1]. - Operating cash flow per share was -0.03 yuan, a decline of 187.12% year-on-year [1]. Historical Performance - The company has reported a median ROIC of 4.2% over the past decade, with a particularly poor ROIC of -39.83% in 2024 [3]. - The company has experienced losses in 13 out of 27 annual reports since its listing, indicating a generally weak financial history [3]. Cash Flow and Debt Concerns - Cash flow situation is concerning, with cash and cash equivalents to current liabilities ratio at 5.83% [4]. - The interest-bearing debt ratio has reached 21.95%, and the current ratio is only 0.58 [4]. - Financial expenses are high, with financial expenses to average operating cash flow ratio at 96.51% [4].