JQH(SZ:002885) Zheng Quan Zhi Xing·2025-08-28 22:59Financial Performance - The company reported a total revenue of 1.724 billion yuan for the first half of 2025, representing a year-on-year increase of 29.84% [1] - The net profit attributable to shareholders was 41.296 million yuan, up 11.45% year-on-year [1] - In Q2 2025, the total revenue was 931 million yuan, showing a year-on-year growth of 24.9%, while the net profit for the same quarter was 23.1073 million yuan, down 18.0% year-on-year [1] Key Financial Metrics - Gross margin increased to 12.7%, up 5.32% year-on-year, while net margin decreased to 2.43%, down 12.57% year-on-year [1] - Total expenses (selling, administrative, and financial) amounted to 74.2296 million yuan, accounting for 4.31% of revenue, a decrease of 10.08% year-on-year [1] - Earnings per share rose to 0.15 yuan, reflecting a 12.1% increase year-on-year, while operating cash flow per share decreased to 0.09 yuan, down 44.29% year-on-year [1] Accounts Receivable and Cash Flow - Accounts receivable increased significantly, with a year-on-year growth of 47.6%, reaching 1.219 billion yuan [1] - The company's cash flow situation is concerning, with cash and cash equivalents at 630 million yuan, down 9.48% year-on-year [3] - The ratio of accounts receivable to profit has reached an alarming 3189.85% [3] Business Model and Return on Investment - The company's return on invested capital (ROIC) was 2.5% last year, indicating weak capital returns [3] - The historical median ROIC since the company went public is 8.49%, with the worst year being 2023 at 2.29% [3] - The company's performance is primarily driven by research and marketing efforts, necessitating a deeper analysis of these drivers [3]