GHMC(SZ:000523) Zheng Quan Zhi Xing·2025-08-29 22:41Core Insights - The company reported a total revenue of 997 million yuan for the first half of 2025, a year-on-year decrease of 10.29% [1] - The net profit attributable to shareholders was 32.49 million yuan, down 13.36% year-on-year [1] - The company's gross margin increased by 14.37% to 14.49%, while the net margin rose by 1.65% to 4.95% [1] Financial Performance - Total revenue for 2024 was 1.112 billion yuan, compared to 997 million yuan in 2025, reflecting a decline of 10.29% [1] - Net profit for 2024 was 37.51 million yuan, while for 2025 it was 32.49 million yuan, showing a decrease of 13.36% [1] - The company's gross margin improved to 14.49% in 2025 from 12.67% in 2024, an increase of 14.37% [1] - The net margin increased to 4.95% in 2025 from 4.87% in 2024, a rise of 1.65% [1] - Total expenses (selling, administrative, and financial) amounted to 86.06 million yuan, accounting for 8.63% of revenue, which is a 19.43% increase year-on-year [1] Cash Flow and Assets - The company reported cash and cash equivalents of 1.353 billion yuan, a slight increase of 0.38% from the previous year [1] - Accounts receivable rose to 224 million yuan, up 2.27% year-on-year [1] - The company’s interest-bearing debt increased to 346 million yuan, reflecting an 11.62% rise [1] - The earnings per share remained at 0.02 yuan, a decrease of 13.24% year-on-year [1] - Operating cash flow per share improved significantly to 0.18 yuan, a 121% increase from the previous year [1] Return on Investment - The company's return on invested capital (ROIC) was reported at 21.18%, indicating strong capital returns [1] - The historical median ROIC over the past decade was 2.71%, suggesting weaker investment returns historically [1] - The company has experienced three years of losses since its listing, indicating a fragile business model [1]