龙大美食2025年中报简析：净利润同比下降39.52%，短期债务压力上升

Core Viewpoint - Longda Food's recent financial report shows a decline in revenue and net profit, indicating increased short-term debt pressure and a need for strategic adjustments in its business model [1][3]. Financial Performance - Total revenue for the first half of 2025 was 4.975 billion yuan, a decrease of 1.38% year-on-year [1]. - Net profit attributable to shareholders was 35.17 million yuan, down 39.52% compared to the previous year [1]. - The gross profit margin improved to 5.48%, an increase of 10.03% year-on-year, while the net profit margin fell to 0.62%, a decrease of 50.96% [1]. - Total expenses (selling, administrative, and financial) amounted to 228 million yuan, representing 4.57% of revenue, an increase of 8.44% year-on-year [1]. - Earnings per share decreased to 0.03 yuan, down 40% year-on-year [1]. Cash Flow and Debt Situation - The company's liquidity ratio is at 0.88, indicating rising short-term debt pressure [1][4]. - Cash flow from operations per share was 0.11 yuan, a decline of 48.81% year-on-year [1]. - The company has a high ratio of interest-bearing liabilities to operating cash flow, reaching 11.52% [4]. Business Model and Market Position - The company's return on invested capital (ROIC) was 1.83%, indicating weak capital returns, with a historical median ROIC of 7.38% over the past decade [3]. - The business model relies heavily on marketing, which requires careful examination of underlying drivers [3]. - The pre-prepared food sector is expected to grow, with the company aiming to reach a scale of around 5 billion yuan, leveraging its established relationships with over 1,000 major clients [5].