RISONG(SH:688090) Zheng Quan Zhi Xing·2025-08-29 22:41Core Viewpoint - Recently, Ruishun Technology (688090) reported a decline in revenue and net profit for the first half of 2025, indicating financial struggles and a significant increase in accounts receivable relative to net profit [1][3]. Financial Performance - Total revenue for the first half of 2025 was 364 million yuan, a decrease of 9.82% year-on-year [1]. - The net profit attributable to shareholders was -1.2877 million yuan, down 144.54% compared to the previous year [1]. - In Q2 2025, total revenue was 190 million yuan, reflecting a 20.37% year-on-year decline [1]. - The net profit for Q2 2025 was -3.391 million yuan, a decrease of 285.03% year-on-year [1]. - Gross margin was 20.52%, down 1.35% year-on-year, while net margin plummeted to 0.01%, a drop of 99.37% [1]. - Total operating expenses (selling, administrative, and financial) amounted to 50.239 million yuan, representing 13.79% of revenue, an increase of 21.09% year-on-year [1]. Balance Sheet and Cash Flow - Cash and cash equivalents increased to 422 million yuan, a rise of 22.05% year-on-year [1]. - Accounts receivable decreased to 114 million yuan, down 51.61% year-on-year [1]. - Interest-bearing debt was 141 million yuan, a decrease of 9.82% year-on-year [1]. - The company reported a significant increase in operating cash flow per share to 0.04 yuan, up 104.92% year-on-year [1]. Return on Investment - The company's Return on Invested Capital (ROIC) was 1.16% last year, indicating weak capital returns [3]. - Historical data shows a median ROIC of 4.88% since the company went public, with a particularly poor performance in 2022, where ROIC was -8.22% [3]. Debt Servicing and Business Model - The company has a healthy cash asset position, which is crucial for debt servicing [4]. - The business model relies heavily on research and marketing efforts, necessitating a deeper analysis of these driving factors [4]. Accounts Receivable Concerns - The accounts receivable to profit ratio reached 1015.27%, raising concerns about the company's collection efficiency [5].