Thalys(SH:603716) Sou Hu Cai Jing·2025-08-29 22:22Financial Performance - The company's total revenue for the first half of 2025 was 584 million yuan, a decrease of 40.2% year-on-year [1] - The net profit attributable to shareholders was -56.12 million yuan, representing a decline of 1075.89% compared to the previous year [1] - In Q2 2025, total revenue was 296 million yuan, down 39.65% year-on-year, with a net profit of -41.80 million yuan, a decrease of 427.14% [1] Cost and Expenses - The proportion of operating expenses (including financial, sales, and management expenses) increased significantly, accounting for 25.99% of total revenue, up 51.49% year-on-year [1] - Total expenses for the three categories amounted to 152 million yuan [1] Profitability Metrics - The gross margin was 22.39%, an increase of 17.34% year-on-year, while the net margin was -8.84%, a decrease of 1132.63% [1] - Earnings per share were -0.29 yuan, a decline of 1350.0% year-on-year [1] Financial Health Indicators - Cash and cash equivalents decreased to 122 million yuan, down 40.44% year-on-year [1] - The company's debt situation is concerning, with interest-bearing liabilities at 829 million yuan, a decrease of 22.95% [1] - The company's asset-liability ratio for interest-bearing debt reached 37.64% [4] Historical Performance - The company's historical return on invested capital (ROIC) has been relatively low, with a median of 8.68% since its listing, and a particularly poor ROIC of -6.55% in 2024 [3] - The company has reported losses in four out of its eight annual reports since going public [3]