LBC(SH:600727) Zheng Quan Zhi Xing·2025-08-28 22:59Financial Performance - The company reported a total revenue of 2.578 billion yuan for the first half of 2025, a decrease of 8.43% year-on-year compared to 2.815 billion yuan in 2024 [1] - The net profit attributable to shareholders was 78.1935 million yuan, down 46.62% from 146 million yuan in the previous year [1] - The gross profit margin decreased to 11.45%, down 7.74% year-on-year, while the net profit margin fell to 4.72%, a decline of 27.49% [1] - The total of selling, administrative, and financial expenses reached 84.801 million yuan, accounting for 3.29% of revenue, an increase of 18.5% year-on-year [1] Cash Flow and Debt - The company has a healthy cash asset position, with cash and cash equivalents amounting to 2.834 billion yuan, a 5.26% increase from the previous year [1][2] - The cash flow situation is concerning, with a cash ratio of 74.4% and an average operating cash flow to current liabilities ratio of 5.71% over the past three years [3] - The company’s interest-bearing debt reached 3.493 billion yuan, representing a 16.74% increase year-on-year, with an interest-bearing asset liability ratio of 38.91% [3] Accounts Receivable - The accounts receivable stood at 273 million yuan, a 17.78% increase from 232 million yuan in the previous year, with accounts receivable to profit ratio reaching 104.66% [1][4] Investment Returns - The company's return on invested capital (ROIC) was 5.06%, indicating average capital returns, with a historical median ROIC of 5.81% over the past decade [1][2] - The company has experienced five years of losses since its listing, suggesting a generally weak investment return profile [1]