Telling Holding(SZ:000829) Xin Lang Cai Jing·2025-08-29 11:25Core Viewpoint - Tianyin Holdings reported a significant decline in both revenue and net profit for the first half of 2025, indicating ongoing financial challenges for the company [1][2]. Financial Performance - The company's revenue for the first half of 2025 was 46.326 billion yuan, a year-on-year decrease of 9.26% [1]. - The net profit attributable to shareholders was -62.5354 million yuan, a year-on-year decline of 739.66% [1]. - The basic earnings per share were -0.06 yuan, with a weighted average return on equity of -2.12% [1]. - The gross margin for the first half of 2025 was 2.49%, down 0.04 percentage points year-on-year, while the net margin was -0.10%, a decrease of 0.14 percentage points [1]. Quarterly Analysis - In Q2 2025, the gross margin was 2.33%, down 0.07 percentage points year-on-year and down 0.33 percentage points quarter-on-quarter [1]. - The net margin for Q2 was -0.10%, a decrease of 0.09 percentage points year-on-year but an increase of 0.01 percentage points from the previous quarter [1]. Expense Overview - Total expenses for the first half of 2025 were 1.128 billion yuan, a decrease of 53.6853 million yuan year-on-year [2]. - The expense ratio was 2.44%, an increase of 0.12 percentage points year-on-year [2]. - Sales expenses increased by 4.47%, management expenses rose by 6.41%, and R&D expenses grew by 1.43%, while financial expenses decreased by 27.91% [2]. Shareholder Information - As of the end of the first half of 2025, the total number of shareholders was 88,000, a decrease of 2,701 or 2.98% from the previous quarter [2]. - The average market value per shareholder decreased from 121,100 yuan to 118,900 yuan, a decline of 1.83% [2]. Company Overview - Tianyin Holdings, established on November 7, 1997, and listed on December 2, 1997, is based in Beijing and primarily engages in digital distribution, retail services, lottery, mobile resale, and mobile internet businesses [2]. - The revenue composition includes 69.39% from communication product sales, 29.34% from retail e-commerce, 0.65% from other (including internet), 0.43% from lottery business, and 0.19% from communication product maintenance [2]. - The company is classified under the Shenwan industry as part of the retail trade - professional chain II - professional chain III sector, with concepts including sports industry, state-owned enterprise reform, Shenzhen state-owned assets, mid-cap, and margin financing [2].