FJGF(SZ:002662) Zheng Quan Zhi Xing·2025-08-29 22:41Core Viewpoint - The financial performance of Fengjing Co., Ltd. (002662) for the first half of 2025 shows significant declines in revenue and net profit compared to the previous year, indicating potential challenges in the company's operations and financial health [1][3]. Financial Performance Summary - Total revenue for the first half of 2025 was 1.418 billion yuan, a decrease of 12.0% year-on-year [1]. - Net profit attributable to shareholders was 112 million yuan, down 45.34% year-on-year [1]. - In Q2 2025, total revenue was 757 million yuan, a decline of 3.04% year-on-year, while net profit was 69.0685 million yuan, down 27.12% year-on-year [1]. - The gross profit margin was 29.52%, a slight decrease of 0.25% year-on-year, and the net profit margin was 7.89%, down 37.88% year-on-year [1]. - Total expenses (selling, administrative, and financial) amounted to 133 million yuan, accounting for 9.4% of revenue, an increase of 13.73% year-on-year [1]. - Earnings per share were 0.07 yuan, a decrease of 50.0% year-on-year, and operating cash flow per share was 0.12 yuan, down 58.05% year-on-year [1]. Balance Sheet and Cash Flow Analysis - Cash and cash equivalents increased to 498 million yuan, up 13.87% year-on-year [1]. - Accounts receivable rose to 618 million yuan, an increase of 7.82% year-on-year, with accounts receivable accounting for 174.51% of net profit [1][3]. - Interest-bearing debt surged to 661 million yuan, a significant increase of 159.14% year-on-year [1]. Return on Investment Metrics - The company's return on invested capital (ROIC) for the previous year was 7.68%, indicating average capital returns [3]. - The historical median ROIC over the past decade was 7.33%, reflecting weak investment returns, with the worst year being 2019, which recorded a ROIC of -39.82% [3].