Golden Laser(SZ:300220) Zheng Quan Zhi Xing·2025-08-28 22:59Core Insights - The company Jin Yun Laser (300220) reported a decline in total revenue and net profit for the first half of 2025, with total revenue at 116 million yuan, down 14.8% year-on-year, and net profit at 1.26 million yuan, down 3.15% [1] - The second quarter showed a total revenue of 56.56 million yuan, a decrease of 13.08% year-on-year, and a net profit of -1.51 million yuan, an increase of 17.26% compared to the previous year [1] - The company's accounts receivable is significantly high, with accounts receivable to net profit ratio reaching 1537.11% [1] Financial Performance - Total revenue for 2024 was 136 million yuan, while for 2025 it dropped to 116 million yuan, reflecting a year-on-year decrease of 14.8% [1] - Net profit decreased from 1.30 million yuan in 2024 to 1.26 million yuan in 2025, a decline of 3.15% [1] - The gross margin was reported at 28.61%, down 3.63% year-on-year, while the net margin increased by 6.77% to 1.57% [1] - Total expenses (sales, management, and financial) amounted to 24.45 million yuan, accounting for 21.11% of revenue, a decrease of 10.26% year-on-year [1] Cash Flow and Debt - The company reported a significant decline in operating cash flow per share, which fell to -0.20 yuan, a decrease of 766.09% year-on-year [1] - The cash and cash equivalents decreased by 7.42% from 33.65 million yuan in 2024 to 31.16 million yuan in 2025 [1] - The ratio of cash to current liabilities is only 55.06%, indicating potential liquidity concerns [4] Business Model and Return on Investment - The company's return on invested capital (ROIC) was 5.92% last year, indicating average capital returns, with a historical median ROIC of -7.63% over the past decade [3] - The company has experienced six years of losses since its listing, suggesting a generally poor investment outlook [3] - The business model relies heavily on research and marketing, necessitating a thorough examination of the underlying drivers of these aspects [3]