RENDONG HOLDINGS(SZ:002647) Zheng Quan Zhi Xing·2025-08-29 22:41Core Viewpoint - *ST Rendo (002647) reported a significant decline in total revenue for the first half of 2025, while achieving a remarkable increase in net profit compared to the previous year [1] Financial Performance - Total revenue for the first half of 2025 was 405 million yuan, a decrease of 39.66% year-on-year [1] - Net profit attributable to shareholders reached 347 million yuan, an increase of 406.0% year-on-year [1] - In Q2 2025, total revenue was 203 million yuan, down 31.94% year-on-year, with a net profit of -138 million yuan, a decline of 64.27% year-on-year [1] Profitability Metrics - Gross margin improved to 31.11%, reflecting a year-on-year increase of 42.2% [1] - Net margin reached 86.27%, showing a substantial year-on-year increase of 613.81% [1] - Total selling, administrative, and financial expenses amounted to 99.06 million yuan, accounting for 24.46% of revenue, with a slight increase of 0.15% year-on-year [1] Key Financial Ratios - Earnings per share (EPS) was 0.38 yuan, a year-on-year increase of 290.0% [1] - Net asset value per share increased to 0.57 yuan, up 513.5% year-on-year [1] - Operating cash flow per share was -0.04 yuan, a decrease of 132.06% year-on-year [1] Historical Performance - The company has shown weak historical financial performance, with a median ROIC of 3.91% over the past decade and a particularly poor ROIC of -121.27% in 2024 [3] - The company has reported losses in 7 out of 13 annual reports since its listing, indicating a generally unfavorable investment profile [3] Cash Flow and Debt Management - The company has a healthy cash position, with cash assets amounting to 4.202 billion yuan, a year-on-year increase of 57.46% [1] - Interest-bearing debt decreased significantly to 647.968 million yuan, down 92.42% year-on-year [1] - The average operating cash flow over the past three years relative to current liabilities is 3.75%, suggesting a need for monitoring cash flow stability [3]