SLC(SH:603648) Zheng Quan Zhi Xing·2025-08-29 22:41Core Viewpoint - Changlian Co., Ltd. (603648) reported disappointing financial results for the first half of 2025, with significant declines in revenue and net profit compared to the previous year [1] Financial Performance Summary - Total revenue for the first half of 2025 was 739 million yuan, a decrease of 10.78% year-on-year [1] - Net profit attributable to shareholders was 68.31 million yuan, down 14.62% year-on-year [1] - In Q2 2025, total revenue was 391 million yuan, a decline of 3.64% year-on-year [1] - Q2 2025 net profit attributable to shareholders was 36.62 million yuan, a decrease of 7.29% year-on-year [1] Key Financial Metrics - Gross margin was 20.51%, an increase of 2.43% year-on-year [1] - Net margin was 9.76%, a decrease of 3.89% year-on-year [1] - Total expenses (selling, administrative, and financial) amounted to 60.57 million yuan, representing 8.19% of revenue, an increase of 11.0% year-on-year [1] - Earnings per share (EPS) was 0.19 yuan, down 13.64% year-on-year [1] - Operating cash flow per share was 0.28 yuan, a decrease of 27.24% year-on-year [1] Balance Sheet Insights - Cash and cash equivalents increased to 234 million yuan, up 4.14% year-on-year [1] - Accounts receivable stood at 241 million yuan, a slight decrease of 1.98% year-on-year [1] - Interest-bearing debt rose to 142 million yuan, an increase of 53.59% year-on-year [1] Return on Investment Analysis - The company's return on invested capital (ROIC) for the previous year was 6.7%, indicating generally average capital returns [1] - Historical median ROIC since listing is 8.64%, suggesting relatively good investment returns [1] - The lowest recorded ROIC was 6.36% in 2020, reflecting average investment returns historically [1]