Starry(SH:603520) Zheng Quan Zhi Xing·2025-08-29 22:42Core Viewpoint - The recent financial report of Sital (司太立) shows a positive trend in revenue and net profit, despite rising short-term debt pressure and declining gross margin [1][3]. Financial Performance - For the first half of 2025, the company reported total revenue of 1.398 billion yuan, a year-on-year increase of 5.06% [1]. - The net profit attributable to shareholders reached 29.14 million yuan, up 27.24% year-on-year [1]. - In Q2 2025, total revenue was 712 million yuan, reflecting a 3.45% increase compared to the same quarter last year [1]. - The net profit for Q2 was 14.79 million yuan, showing a significant increase of 39.33% year-on-year [1]. - The gross margin decreased to 20.06%, down 6.7% year-on-year, while the net margin improved to 2.11%, up 20.98% [1]. - Total operating expenses were 156 million yuan, accounting for 11.18% of revenue, a decrease of 15.71% year-on-year [1]. Cash Flow and Debt Situation - The company’s current ratio is 0.89, indicating rising short-term debt pressure [1][3]. - Cash and cash equivalents decreased significantly by 62.58% to 433 million yuan [1]. - The company’s interest-bearing debt decreased by 7.14% to 2.693 billion yuan [1]. Investment Returns and Business Model - The company's return on invested capital (ROIC) was 0.77% last year, indicating historically weak capital returns [3]. - The average ROIC since the company’s listing is 9.03%, with a notable low of 0.25% in 2022 [3]. - The business model relies heavily on capital expenditures, necessitating careful evaluation of capital projects [3]. Analyst Expectations - Analysts project a net profit of 80.38 million yuan for 2025, with an average earnings per share of 0.18 yuan [4]. Fund Holdings - The largest fund holding Sital shares is the Galaxy Medical Mixed A fund, with 3.3508 million shares, remaining unchanged [5]. - New entries in the top ten holdings include the Industrial Medical Care Mixed A fund and the Galaxy Health Stock A fund [5].