ZCE(SH:600121) Zheng Quan Zhi Xing·2025-08-28 22:59Financial Performance - Zhengzhou Coal Electricity reported a total revenue of 1.838 billion yuan for the first half of 2025, a decrease of 15.01% year-on-year [1] - The net profit attributable to shareholders was -224 million yuan, a significant decline of 2256.68% compared to the previous year [1] - The gross profit margin was 16.35%, down 36.82% year-on-year, while the net profit margin was -8.11%, a decrease of 375.01% [1] - Total expenses (selling, administrative, and financial) amounted to 331 million yuan, accounting for 18.02% of revenue, an increase of 5.67% year-on-year [1] - Earnings per share were -0.18 yuan, a drop of 2262.35% compared to the previous year [1] Debt and Liquidity - The company faced increased short-term debt pressure, with a current ratio of 0.46 [1] - The interest-bearing debt rose to 3.291 billion yuan, an increase of 29.08% year-on-year [1] - Cash assets were reported as healthy, but the cash flow situation raised concerns, with cash assets to current liabilities at only 36.52% [5] Historical Performance - The company's return on invested capital (ROIC) was 9.79% last year, indicating average capital returns [3] - Historical data shows a median ROIC of 5.04% over the past decade, with five years of losses since its listing [3] - The company has had a poor investment return history, with the worst ROIC recorded at -5.56% in 2020 [3] Accounts Receivable - The accounts receivable to profit ratio reached 421.32%, indicating potential issues with collections [5]