Primeton(SH:688118) Zheng Quan Zhi Xing·2025-08-28 22:59Financial Performance - The company reported total revenue of 99.18 million yuan for the first half of 2025, a decrease of 24.84% year-on-year [1] - The net profit attributable to shareholders was -29.63 million yuan, an increase of 51.05% year-on-year [1] - The gross margin improved to 49.69%, up 15.38% year-on-year, while the net margin was -29.88%, an increase of 34.87% year-on-year [1] - Total expenses (selling, administrative, and financial) amounted to 68.28 million yuan, accounting for 68.85% of revenue, an increase of 10.22% year-on-year [1] Cash Flow and Debt - The company reported a negative operating cash flow of -0.43 yuan per share, but this was an improvement of 56.32% year-on-year [1] - The company’s cash assets are considered healthy, with a significant amount of cash on hand [3] Business Model and Investment Returns - The company's historical return on invested capital (ROIC) is relatively low, with a median of 5.68% since its listing, indicating weak investment returns [3] - The business model relies heavily on research and marketing, necessitating a deeper analysis of these driving factors [3] Fund Management and Holdings - The company is held by a prominent fund manager, Dong Jizhou from Taixin Fund, who has recently increased his holdings [4] - The most significant fund holding the company is Taixin Small and Medium Cap Selected Mixed Fund, which has a scale of 1.836 billion yuan and has seen a substantial increase in value over the past year [5]