STEC(SH:600820) Zheng Quan Zhi Xing·2025-08-28 22:59Financial Performance - The company reported total revenue of 22.021 billion yuan for the first half of 2025, a decrease of 21.48% year-on-year [1] - The net profit attributable to shareholders was 727 million yuan, down 7.4% year-on-year [1] - In Q2 2025, total revenue was 11.471 billion yuan, a decline of 17.56% year-on-year, while net profit for the quarter increased by 15.86% to 396 million yuan [1] - The gross margin improved to 15.39%, up 3.03% year-on-year, and the net margin increased to 3.31%, up 9.59% year-on-year [1] - Total expenses (selling, administrative, and financial) amounted to 1.613 billion yuan, representing 7.33% of revenue, an increase of 20.46% year-on-year [1] - Earnings per share decreased to 0.21 yuan, down 16.0% year-on-year [1] Financial Ratios and Metrics - The current ratio is at 0.92, indicating increased short-term debt pressure [1] - The company’s cash assets are considered healthy, with cash and cash equivalents amounting to 22.146 billion yuan, a 30.02% increase year-on-year [1][3] - The company’s return on invested capital (ROIC) was 6% last year, indicating generally weak capital returns [3] - The debt-to-asset ratio for interest-bearing liabilities is at 20.69% [5] Market Position and Strategy - The company’s business model is primarily driven by research and development [4] - The company is focusing on expanding its operations in the Shanghai region and other emerging markets through strategic partnerships and integrated service offerings [8] - The estimated dividend yield is 5.3% [4] Shareholder Information - The largest fund holding the company’s shares is the ICBC Innovation Power Stock Fund, with a holding of 15.9 million shares [7] - Recent fund activity includes new positions and increased holdings in several funds, indicating interest in the company [7] Future Outlook - Analysts expect the company’s performance in 2025 to reach 2.942 billion yuan, with an average earnings per share forecast of 0.94 yuan [6]