SCMC(SH:600984) Zheng Quan Zhi Xing·2025-08-28 22:59Financial Performance - The company reported total revenue of 1.122 billion yuan for the first half of 2025, a year-on-year decrease of 14.91% [1] - The net profit attributable to shareholders was -447 million yuan, down 6.25% year-on-year [1] - In Q2 2025, total revenue was 688 million yuan, a decline of 15.13% compared to the same quarter last year [1] - The gross margin was -10.46%, a significant decrease of 335.64% year-on-year [1] - The net margin was -39.89%, down 24.87% year-on-year [1] - Total expenses (selling, administrative, and financial) amounted to 351 million yuan, accounting for 31.27% of revenue, an increase of 7.28% year-on-year [1] Cash Flow and Debt - The company had cash and cash equivalents of 1.398 billion yuan, an increase of 12.46% year-on-year [1] - The accounts receivable stood at 4.082 billion yuan, a decrease of 13.27% year-on-year [1] - The company’s interest-bearing debt was 8.141 billion yuan, down 24.37% year-on-year [1] - The cash flow situation is concerning, with cash and cash equivalents to current liabilities at only 36.39% [4] - The interest-bearing debt ratio reached 42.14%, indicating a high level of debt relative to assets [4] Historical Performance - The company has a weak historical performance with a median ROIC of 2.14% over the past decade, and a particularly poor ROIC of -4.14% in 2024 [3] - The company has reported losses in 9 out of 20 years since its listing, indicating a challenging financial history [3]