Deli Co.,Ltd.(SZ:002571) Zheng Quan Zhi Xing·2025-08-29 22:41Core Insights - DeLi Co., Ltd. reported a significant decline in financial performance for the first half of 2025, with total revenue of 771 million yuan, down 6.0% year-on-year, and a net profit attributable to shareholders of -45.32 million yuan, a staggering drop of 490.74% compared to the previous year [1] Financial Performance Summary - Total revenue for Q2 2025 was 398 million yuan, reflecting a year-on-year decrease of 12.11% [1] - The net profit for Q2 2025 was -17.06 million yuan, a decline of 386.93% year-on-year [1] - The company's gross margin improved to 18.0%, an increase of 5.29% year-on-year, while the net margin fell to -4.54%, a decrease of 497.36% [1] - Total expenses (selling, administrative, and financial) reached 140 million yuan, accounting for 18.17% of total revenue, which is a 45.71% increase year-on-year [1] Key Financial Ratios - Earnings per share (EPS) dropped to -0.12 yuan, a decline of 490.54% year-on-year [1] - The company's net asset value per share decreased to 2.61 yuan, down 17.91% year-on-year [1] - Operating cash flow per share was 0.13 yuan, a reduction of 30.21% year-on-year [1] Historical Performance and Investment Considerations - The company's historical financial performance has been poor, with a median Return on Invested Capital (ROIC) of -2.22% over the past decade, and a worst year in 2018 with an ROIC of -8.16% [3] - The company has reported losses in 6 out of 13 annual reports since its listing, indicating a challenging investment profile [3] - Cash flow metrics suggest potential liquidity issues, with cash and cash equivalents representing only 5.48% of total assets and 18.95% of current liabilities [3]