Konruns(SH:603590) Zheng Quan Zhi Xing·2025-08-28 22:59Financial Performance - Company reported total revenue of 461 million yuan for the first half of 2025, an increase of 13.79% year-on-year [1] - Net profit attributable to shareholders reached 91.05 million yuan, up 14.95% year-on-year [1] - In Q2 2025, total revenue was 249 million yuan, reflecting a year-on-year increase of 20.93% [1] - Q2 2025 net profit attributable to shareholders was 46.55 million yuan, a year-on-year increase of 23.97% [1] Profitability Metrics - Gross margin stood at 90.18%, an increase of 0.72% year-on-year [1] - Net margin was 20.9%, a decrease of 3.0% year-on-year [1] - Total selling, administrative, and financial expenses amounted to 271 million yuan, accounting for 58.72% of revenue, down 4.1% year-on-year [1] Key Financial Ratios - Earnings per share (EPS) increased to 0.58 yuan, a rise of 16.0% year-on-year [1] - Book value per share was 19.57 yuan, up 0.34% year-on-year [1] - Operating cash flow per share was -0.07 yuan, a significant decrease of 114.28% year-on-year [1] Balance Sheet Highlights - Cash and cash equivalents increased to 366 million yuan, a rise of 32.08% year-on-year [1] - Accounts receivable rose to 345 million yuan, an increase of 26.66% year-on-year [1] - Interest-bearing debt increased to 247 million yuan, up 62.45% year-on-year [1] Business Evaluation - Company’s return on invested capital (ROIC) was 0.42% last year, indicating weak capital returns [3] - Historical median ROIC since listing is 9.88%, suggesting better investment returns in the past [3] - The business model relies heavily on research and marketing efforts, necessitating further analysis of these drivers [3] Accounts Receivable Concerns - Accounts receivable to profit ratio has reached 817.81%, indicating potential issues with receivables management [3]