Tus-Design(SZ:300500) Zheng Quan Zhi Xing·2025-08-28 22:59Core Viewpoint - The recent financial report of Qidi Design (300500) shows a significant decline in total revenue while net profit has increased, indicating mixed performance in the company's financial health [1]. Financial Performance - Total revenue for the first half of 2025 was 456 million yuan, a decrease of 38.75% year-on-year [1]. - Net profit attributable to shareholders reached 28.59 million yuan, an increase of 31.48% year-on-year [1]. - In Q2 2025, total revenue was 238 million yuan, down 43.13% year-on-year, while net profit was 12.20 million yuan, a slight decrease of 1.78% [1]. - Gross margin improved to 34.15%, up 62.59% year-on-year, and net margin increased to 4.79%, up 66.84% year-on-year [1]. - Total expenses (selling, administrative, and financial) amounted to 65.23 million yuan, representing 14.3% of total revenue, an increase of 36.47% year-on-year [1]. Key Financial Ratios - Earnings per share (EPS) increased to 0.16 yuan, a rise of 31.44% year-on-year [1]. - Operating cash flow per share was -0.10 yuan, an improvement of 26.25% year-on-year [1]. - The company's net asset per share decreased to 6.33 yuan, down 10.14% year-on-year [1]. Business Model and Debt Management - The company's business model relies heavily on research and development, necessitating a thorough examination of the underlying drivers of this approach [2]. - The company's cash assets are reported to be very healthy, indicating strong liquidity [2]. - The cash flow situation is a point of concern, with cash assets covering only 95.63% of current liabilities [3].