Core Viewpoint - *ST Jinkang (300093) reported a significant increase in total revenue for the first half of 2025, but continued to face substantial net losses, indicating ongoing financial challenges despite revenue growth [1][3]. Financial Performance - Total revenue for the first half of 2025 reached 140 million yuan, a year-on-year increase of 169.02% [1]. - The net profit attributable to shareholders was -28.2 million yuan, a decline of 26.41% compared to the previous year [1]. - In Q2 2025, total revenue was 66.689 million yuan, showing a remarkable year-on-year increase of 763.82% [1]. - The gross margin improved with a year-on-year increase of 57.22%, while the net margin also saw a year-on-year increase of 58.37% [1]. Cost and Expense Analysis - Total selling, administrative, and financial expenses amounted to 138 million yuan, accounting for 98.78% of revenue, a decrease of 45.6% year-on-year [1]. - The company reported a gross margin of -67.36% and a net margin of -201.69% [1]. Cash Flow and Debt Situation - Cash and cash equivalents increased by 180.33% to 99.788 million yuan [1]. - The company’s interest-bearing liabilities rose by 12.85% to 1.055 billion yuan [1]. - The cash flow situation is concerning, with a cash ratio of only 4.09% and negative operating cash flow over the past three years [4]. Investment Return and Business Model - The company's historical return on invested capital (ROIC) has been poor, with a median ROIC of -11.82% over the past decade [3]. - The business model relies heavily on capital expenditures, necessitating careful evaluation of the effectiveness of these investments [3].
*ST金刚2025年中报简析:增收不增利,盈利能力上升