Jiajia Food(SZ:002650) Zheng Quan Zhi Xing·2025-08-29 22:41Core Insights - ST Jiajia (002650) reported a total revenue of 733 million yuan for the first half of 2025, a decrease of 7.07% year-on-year, while the net profit attributable to shareholders was 8.35 million yuan, an increase of 128.64% year-on-year [1] - The company's gross profit margin increased by 17.02% year-on-year to 29.31%, and the net profit margin improved significantly from -4.03% to 1.14% [1] - The financial report indicates a mixed performance, with total operating expenses decreasing by 3.44% year-on-year, while the earnings per share rose by 130.77% to 0.01 yuan [1] Financial Performance - Total revenue for 2024 was 789 million yuan, compared to 733 million yuan in 2025, reflecting a decline of 7.07% [1] - The net profit for 2024 was -29.16 million yuan, while for 2025 it was 8.35 million yuan, showing a significant turnaround with an increase of 128.64% [1] - The gross profit margin for 2024 was 25.05%, which improved to 29.31% in 2025, marking a year-on-year increase of 17.02% [1] - The net profit margin improved from -4.03% in 2024 to 1.14% in 2025, an increase of 128.27% [1] - Total operating expenses were 180 million yuan, accounting for 24.56% of revenue, down from 25.44% the previous year [1] Cash Flow and Debt - The company reported cash flow from operations of 0.07 yuan per share, an increase of 58.16% year-on-year [1] - The average operating cash flow over the past three years has been negative, with a ratio of operating cash flow to current liabilities at -19.78% [2] - Interest-bearing debt decreased significantly by 70.64% from 182 million yuan to 53.39 million yuan [1] Investment Returns - The historical median Return on Invested Capital (ROIC) over the past decade is 5.86%, indicating weak investment returns [1] - The worst year for ROIC was 2024, with a value of -10.96%, highlighting poor investment performance [1]