BAIYANG(SZ:002696) Zheng Quan Zhi Xing·2025-08-28 22:59Core Viewpoint - Baiyang Co., Ltd. (002696) reported significant growth in its 2025 mid-year financial results, with total revenue and net profit showing substantial year-on-year increases, indicating improved profitability and operational efficiency [1] Financial Performance - Total revenue for the first half of 2025 reached 1.694 billion yuan, a year-on-year increase of 38.34% compared to 1.225 billion yuan in 2024 [1] - The net profit attributable to shareholders was 11.7893 million yuan, up 147.79% from a loss of 24.6713 million yuan in the previous year [1] - In Q2 2025, total revenue was 1.003 billion yuan, reflecting a 39.77% increase year-on-year, while net profit for the quarter was 7.2294 million yuan, up 134.57% [1] Profitability Metrics - The gross profit margin improved to 8.82%, a year-on-year increase of 27.48%, while the net profit margin turned positive at 0.42%, up 121.29% from -1.97% [1] - Total expenses (selling, administrative, and financial) amounted to 112 million yuan, accounting for 6.63% of revenue, which is a slight increase of 6.46% year-on-year [1] Balance Sheet Highlights - Cash and cash equivalents decreased to 666.5 million yuan, down 6.24% from 710 million yuan [1] - Accounts receivable increased to 633 million yuan, a 25% rise from 506 million yuan [1] - Interest-bearing debt rose significantly to 1.684 billion yuan, an increase of 46.17% from 1.152 billion yuan [1] Shareholder Metrics - Earnings per share (EPS) improved to 0.03 yuan, a 142.86% increase from a loss of 0.07 yuan [1] - The book value per share decreased slightly to 3.89 yuan, down 2.13% from 3.97 yuan [1] - Operating cash flow per share was -0.58 yuan, a significant decline of 306.21% from 0.28 yuan [1] Historical Performance Insights - The company's return on invested capital (ROIC) was 0.15% last year, indicating weak capital returns, with a historical median ROIC of 3.14% over the past decade [1] - The company has experienced three years of losses since its IPO, highlighting a fragile business model [1]