Core Viewpoint - The recent financial report of Yacon Co., Ltd. (301085) indicates a significant decline in revenue and net profit for the first half of 2025 compared to the previous year, raising concerns about the company's financial health and operational efficiency [1][3]. Financial Performance - Total revenue for the first half of 2025 was 603 million yuan, a decrease of 20.36% year-on-year [1]. - The net profit attributable to shareholders was 17.96 million yuan, down 56.5% year-on-year [1]. - In Q2 2025, total revenue was 319 million yuan, a decline of 17.25% year-on-year, with a net profit of 841 thousand yuan, down 95.48% year-on-year [1]. - The gross margin improved to 17.57%, an increase of 25.62% year-on-year, while the net margin fell to 2.93%, a decrease of 46.21% year-on-year [1]. - Total expenses (selling, administrative, and financial) amounted to 51.66 million yuan, representing 8.57% of revenue, an increase of 53.58% year-on-year [1]. Balance Sheet and Cash Flow - The company reported a significant accounts receivable issue, with accounts receivable amounting to 714 million yuan, which is 2597% of the latest annual net profit [1][3]. - Cash and cash equivalents increased to 385 million yuan, a rise of 102.47% year-on-year [1]. - The company has a negative operating cash flow per share of -1.07 yuan, although this represents a 14.04% improvement year-on-year [1]. Return on Investment and Business Model - The company's Return on Invested Capital (ROIC) for the previous year was 2.86%, indicating weak capital returns [3]. - The historical median ROIC since the company went public is 15.41%, suggesting that the current performance is below historical averages [3]. - The business model relies heavily on research and marketing, necessitating a deeper analysis of the underlying drivers of performance [3].
亚康股份2025年中报简析：净利润同比下降56.5%，公司应收账款体量较大