Thalys(SH:603716) Zheng Quan Zhi Xing·2025-08-29 22:41Financial Performance - The company reported total revenue of 584 million yuan for the first half of 2025, 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 costs, increased significantly, with a total of 152 million yuan, accounting for 25.99% of total revenue, up 51.49% year-on-year [1] - The gross margin improved to 22.39%, an increase of 17.34% year-on-year, while the net margin fell to -8.84%, a decrease of 1132.63% [1] Financial Ratios - The company’s earnings per share were -0.29 yuan, a decline of 1350.0% year-on-year, and the operating cash flow per share was -0.41 yuan, down 70.71% [1] - The net asset value per share decreased to 4.21 yuan, a drop of 17.75% year-on-year [1] Historical Performance - The company has a historical median ROIC of 8.68%, with the worst year being 2024, where ROIC was -6.55% [3] - The company has reported losses in four out of eight annual reports since its listing, indicating a generally poor financial performance [3] Cash Flow and Debt - The cash flow situation is concerning, with cash and cash equivalents accounting for only 5.6% of total assets and 22.61% of current liabilities [3] - The interest-bearing debt ratio has reached 37.64%, indicating a significant level of debt [3] - Financial expenses accounted for 65.15% of the average operating cash flow over the past three years, highlighting potential financial strain [3]