TKGF(SH:601233) Zheng Quan Zhi Xing·2025-08-29 22:41Core Insights - The company Tongkun Co., Ltd. reported a total revenue of 44.158 billion yuan for the first half of 2025, a year-on-year decrease of 8.41%, while the net profit attributable to shareholders increased by 2.93% to 1.097 billion yuan [1] - The second quarter revenue was 24.738 billion yuan, down 8.73% year-on-year, with a slight increase in net profit to 486 million yuan, up 0.04% [1] - The company's profitability improved, with a gross margin increase of 9.26% to 6.76% and a net margin increase of 12.35% to 2.5% [1] Financial Performance - Total operating expenses, including sales, management, and financial expenses, amounted to 1.315 billion yuan, representing 2.98% of revenue, an increase of 6.57% year-on-year [1] - Earnings per share (EPS) rose by 2.22% to 0.46 yuan, while the net asset per share increased by 3.32% to 15.66 yuan [1] - Operating cash flow per share was -0.12 yuan, showing a significant year-on-year improvement of 83.83% [1] Investment Metrics - The company's return on invested capital (ROIC) was 2.77%, indicating weak capital returns, with a historical median ROIC of 8.98% over the past decade [2] - The net profit margin was reported at 1.2%, suggesting low added value for products or services [2] - The company has a debt ratio of 51.82% for interest-bearing liabilities, and the ratio of interest-bearing debt to the average operating cash flow over the past three years is 13.41% [2] Fund Holdings - The largest fund holding Tongkun shares is HSBC Jintrust New Power Mixed A, with 22.45 billion yuan in assets and a recent net value increase of 1.1% [3] - Other funds increasing their holdings include HSBC Jintrust Big Cap Stock A and Dongfanghong JD Big Data Mixed A [3]