Workflow
厦门国贸2025年中报简析:净利润同比下降37.62%,公司应收账款体量较大

Core Viewpoint - Xiamen International Trade (600755) reported disappointing financial results for the first half of 2025, with significant declines in revenue and net profit compared to the previous year [1][2]. Financial Performance - Total revenue for the reporting period was 151.66 billion, a year-on-year decrease of 22.31% - Net profit attributable to shareholders was 0.523 billion, down 37.62% year-on-year - In Q2 alone, total revenue was 81.12 billion, a decline of 17.5% year-on-year, while net profit was 0.0101 billion, down 76.33% year-on-year [1] - Gross margin was 1.4%, a decrease of 22.76% year-on-year, and net margin was 0.32%, down 28.9% year-on-year [1] - Total selling, administrative, and financial expenses amounted to 1.978 billion, accounting for 1.3% of revenue, an increase of 4.79% year-on-year [1] - Earnings per share were 0.13, a decrease of 50.0% year-on-year [1] Return on Investment - The company's Return on Invested Capital (ROIC) for the previous year was 2.05%, indicating weak capital returns [2] - Historical data shows a median ROIC of 6.32% over the past decade, with the worst year being 2024 [2] Debt and Cash Flow - The company has a healthy cash position, but cash assets to current liabilities ratio is only 23.06% [5] - The interest-bearing debt ratio has reached 22.22%, and the ratio of interest-bearing liabilities to the average operating cash flow over the past three years is 28.96% [5] - Financial expenses are high, with financial expenses to average operating cash flow ratio at 224.62% [6] Accounts Receivable - Accounts receivable are significantly high, with accounts receivable to profit ratio at 2062% [1][6] Dividend and Fund Holdings - The estimated dividend yield for the company is 4.82% [3] - The largest fund holding the company’s shares is the Invesco Great Wall Dividend Low Volatility 100 ETF, with a scale of 5.599 billion [6]