Evergreen Technology(SH:603125) Zheng Quan Zhi Xing·2025-08-29 22:41Core Insights - The company reported a decline in revenue and net profit for the first half of 2025, with total revenue at 485 million yuan, down 10.67% year-on-year, and net profit at 70.25 million yuan, down 31.89% [1] - The second quarter showed a more significant decline, with revenue of 238 million yuan, down 20.45%, and net profit of 34.86 million yuan, down 38.52% [1] - The company's accounts receivable are notably high, with accounts receivable amounting to 107.97% of the net profit [1] Financial Performance - Total revenue for 2025 was 485 million yuan, compared to 542 million yuan in 2024, reflecting a decrease of 10.67% [1] - Net profit for 2025 was 70.25 million yuan, down from 103 million yuan in 2024, a decline of 31.89% [1] - The gross margin decreased to 26.51%, down 7.5% year-on-year, while the net margin fell to 14.5%, down 23.76% [1] - Total expenses (sales, management, and financial) reached 22.98 million yuan, accounting for 4.74% of revenue, an increase of 57.84% year-on-year [1] - Earnings per share (EPS) dropped to 0.17 yuan, down 32% from 0.25 yuan in 2024 [1] Cash Flow and Debt - The company reported a negative operating cash flow of -0.03 yuan per share, a significant decline of 113.14% year-on-year [1] - Cash and cash equivalents decreased to 601 million yuan, down 22.26% from 773 million yuan in 2024 [1] - Interest-bearing liabilities surged to 3.61 million yuan, an increase of 2819.34% [1] Investment Returns - The company's return on invested capital (ROIC) for the previous year was 8.78%, indicating average capital returns [3] - Historical data shows a median ROIC of 24.04% since the company went public, suggesting strong investment returns historically [3] - Analysts expect the company's performance for 2025 to reach 125 million yuan, with an average EPS forecast of 0.31 yuan [3]