BOOMY(SH:688290) Zheng Quan Zhi Xing·2025-08-28 22:59Core Viewpoint - The recent financial report of Jingye Intelligent (688290) shows mixed performance, with revenue growth but a significant decline in net profit, raising concerns about accounts receivable and overall profitability [1][4]. Financial Performance - As of the reporting period, the company reported total revenue of 110 million yuan, a year-on-year increase of 16.15%, while the net profit attributable to shareholders was 5.5778 million yuan, a year-on-year decrease of 55.3% [1]. - In the second quarter, total revenue reached 88.4802 million yuan, up 23.86% year-on-year, but net profit attributable to shareholders was 15.4812 million yuan, down 34.55% year-on-year [1]. - The gross margin was 38.34%, a decrease of 8.65% year-on-year, and the net margin was 4.67%, down 63.59% year-on-year [1]. - Total sales, management, and financial expenses amounted to 30.6752 million yuan, accounting for 27.89% of revenue, a decrease of 10.54% year-on-year [1]. - Earnings per share were 0.06 yuan, a decrease of 50% year-on-year, while the net asset value per share was 12.61 yuan, an increase of 3.62% year-on-year [1]. Accounts Receivable - The company has a high level of accounts receivable, with accounts receivable amounting to 594.78% of the latest annual net profit [1][4]. Return on Investment - The company's return on invested capital (ROIC) was 2.37% last year, indicating weak capital returns, with a historical median ROIC of 26.44% since its listing [2]. - The net profit margin last year was 13.15%, suggesting high added value in its products or services [2]. Debt Servicing Ability - The company maintains a healthy cash asset position, indicating good debt servicing capability [3]. Business Model - The company's performance is primarily driven by research and development and capital expenditures, necessitating careful evaluation of the effectiveness of these investments [3]. Fund Holdings - The largest fund holding in Jingye Intelligent is the Zhongyin Securities Advantage Manufacturing Stock A, with 81,300 shares, while several other funds have recently entered the top holdings [5].