YJFC(SH:600265) Zheng Quan Zhi Xing·2025-08-28 22:59Core Viewpoint - ST Jinggu's financial performance for the first half of 2025 shows significant declines in revenue and net profit, indicating severe operational challenges and financial distress [1]. Financial Performance Summary - Total revenue for the first half of 2025 was 123 million yuan, a decrease of 45.03% year-on-year [1]. - The net profit attributable to shareholders was -124 million yuan, a decline of 1412.91% compared to the previous year [1]. - In Q2 2025, total revenue was 60.73 million yuan, down 49.22% year-on-year, with a net profit of -108 million yuan, a drop of 4586.7% [1]. - The gross margin was -11.85%, a decrease of 331.96% year-on-year, while the net margin was -164.09%, down 3244.62% [1]. - The total of selling, administrative, and financial expenses reached 31.40 million yuan, accounting for 25.46% of total revenue, an increase of 111.37% year-on-year [1]. Key Financial Ratios - Earnings per share (EPS) was -0.95 yuan, a decrease of 1415.87% year-on-year [1]. - The net asset value per share was 0.75 yuan, down 38.5% from the previous year [1]. - The operating cash flow per share was -0.06 yuan, an increase of 46.95% year-on-year [1]. Historical Performance Insights - The company's historical financial performance has been poor, with a median Return on Invested Capital (ROIC) of -7.05% over the past decade, and a particularly low ROIC of -91.24% in 2017 [3]. - The company has reported losses in 11 out of 24 annual reports since its listing, indicating a trend of financial instability [3]. Cash Flow and Debt Analysis - The cash flow situation is concerning, with cash and cash equivalents to current liabilities ratio at 22.63%, and the average operating cash flow over the past three years to current liabilities ratio at only 4.87% [4]. - The interest-bearing debt ratio has reached 29.21%, and the total interest-bearing debt to average operating cash flow ratio is at 13.35% [4]. - Financial expenses are significantly high, with financial expenses to average operating cash flow ratio at 128.18% [4].