pingmei coal(SH:601666) Zheng Quan Zhi Xing·2025-08-28 22:59Core Viewpoint - The financial performance of Pingmei Shenma Group Co., Ltd. (平煤股份) for the first half of 2025 shows significant declines in revenue and profit compared to the previous year, indicating potential challenges in the company's operations and financial health [1][3]. Financial Performance Summary - Total revenue for the first half of 2025 was 10.12 billion yuan, a decrease of 37.95% year-on-year [1]. - Net profit attributable to shareholders was 258 million yuan, down 81.53% year-on-year [1]. - The gross profit margin was 18.42%, reflecting a decline of 30.26% compared to the previous year [1]. - The net profit margin was 2.16%, a significant drop of 76.87% year-on-year [1]. - Total expenses (selling, administrative, and financial) amounted to 1.011 billion yuan, accounting for 9.99% of revenue, which is an increase of 9.47% year-on-year [1]. - Earnings per share decreased to 0.1 yuan, down 83.22% from the previous year [1]. Cash Flow and Debt Analysis - The company reported operating cash flow per share of 0.16 yuan, a decline of 91.4% year-on-year [1]. - The ratio of cash and cash equivalents to current liabilities was only 43.08%, indicating potential liquidity concerns [3]. - The interest-bearing debt increased to 29.305 billion yuan, a rise of 30.25% year-on-year [1]. Accounts Receivable Concerns - Accounts receivable stood at 2.508 billion yuan, down 31.19% year-on-year, but the ratio of accounts receivable to net profit reached 106.75%, raising concerns about collection efficiency [1][3]. Investment Sentiment - Analysts expect the company's performance for 2025 to improve slightly, with projected earnings of 669 million yuan and an average earnings per share of 0.27 yuan [3]. - Several funds have increased their holdings in Pingmei Shenma, indicating some level of confidence in the company's future performance despite current challenges [4].