Qingyan Environmental Technology (SZ:301288) Zheng Quan Zhi Xing·2025-08-29 00:05Financial Performance - The company reported a total revenue of 25.44 million yuan for the first half of 2025, a decrease of 30.94% year-on-year [1] - The net profit attributable to shareholders was -2.88 million yuan, an increase of 46.57% compared to the previous year [1] - In Q2 2025, total revenue was 15.86 million yuan, down 42.28% year-on-year, with a net profit of -1.69 million yuan, a decline of 173.78% [1] Key Financial Ratios - Gross margin decreased to 39.2%, down 13.48% year-on-year, while net margin improved to -11.22%, an increase of 24.12% [1] - The ratio of selling, administrative, and financial expenses to revenue was 38.5%, a decrease of 10.27% year-on-year [1] - Earnings per share improved to -0.03 yuan, a 47.23% increase year-on-year [1] Asset and Liability Management - Inventory increased significantly, with a year-on-year growth of 372.64% [1] - Cash and cash equivalents decreased by 13.47% to 310 million yuan [1] - Interest-bearing debt was reduced by 56.56% to 4.10 million yuan [1] Historical Performance and Investment Return - The company's historical median ROIC since listing is 20.97%, indicating good investment returns, although the worst year (2024) had a ROIC of -3.21% [3] - The company has had one loss year since its listing, necessitating further investigation into potential special circumstances [3] Cash Flow and Financial Health - The average operating cash flow over the past three years is -4.42% relative to current liabilities, indicating a need for attention to cash flow status [3] - Financial expenses have reached 320.74% of the average operating cash flow over the past three years, suggesting potential financial strain [3]