Etrol(SZ:300370) Zheng Quan Zhi Xing·2025-08-29 22:41Core Viewpoint - Ankang Technology (300370) reported a mixed financial performance for the first half of 2025, with a slight increase in revenue but continued net losses, raising concerns about cash flow and debt levels [1]. Financial Performance Summary - Total revenue for the first half of 2025 reached 137 million yuan, a year-on-year increase of 12.64% compared to 122 million yuan in 2024 [1]. - The net profit attributable to shareholders was -32.88 million yuan, showing a slight improvement of 2.62% from -33.76 million yuan in the previous year [1]. - In Q2 2025, total revenue was 96.38 million yuan, up 21.45% year-on-year, while the net profit attributable to shareholders was -7.39 million yuan, an increase of 53.47% from the same period last year [1]. Key Financial Ratios - Gross margin decreased to 25.55%, down 6.59% year-on-year from 27.35% [1]. - Net margin improved to -25.01%, a 13.41% increase compared to -28.89% in the previous year [1]. - The ratio of selling, administrative, and financial expenses to revenue was 46.66%, a decrease of 7.86% from 50.64% [1]. Cash Flow and Debt Analysis - Cash and cash equivalents increased significantly by 127.12% to 60.97 million yuan from 26.84 million yuan [1]. - Accounts receivable rose by 3.74% to 194 million yuan, representing 48.86% of total revenue [1]. - Interest-bearing liabilities increased by 15.54% to 552 million yuan from 478 million yuan [1]. Historical Performance Insights - The company has shown poor historical returns, with a median ROIC of -8.89% over the past decade, and a worst year in 2021 with a ROIC of -53.66% [1]. - The company has reported losses in 7 out of 10 years since its IPO, indicating a challenging financial history [1].