Deli Co.,Ltd.(SZ:002571) Sou Hu Cai Jing·2025-08-29 22:45Core Insights - The company, Delixi Co., Ltd. (002571), reported a significant decline in financial performance for the first half of 2025, with total revenue of 771 million yuan, a year-on-year decrease of 6.0%, and a net profit attributable to shareholders of -45.32 million yuan, down 490.74% [1] Financial Performance Summary - Total revenue for the second quarter was 398 million yuan, reflecting a year-on-year decline of 12.11% [1] - The net profit for the second quarter was -17.06 million yuan, a decrease of 386.93% compared to the previous 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] - Earnings per share (EPS) dropped to -0.12 yuan, a decline of 490.54% year-on-year [1] Cash Flow and Debt Analysis - The company's cash flow situation is concerning, with cash and cash equivalents accounting for only 5.48% of total assets and 18.95% of current liabilities [4] - The debt situation is also alarming, with a debt-to-asset ratio of 32.04% and a ratio of interest-bearing debt to the average operating cash flow over the past three years reaching 10.09% [4] - The current ratio stands at only 0.64, indicating potential liquidity issues [4] Historical Performance Context - Over the past decade, the company's median Return on Invested Capital (ROIC) has been -2.22%, with the worst year being 2018 at -8.16%, indicating poor investment returns [3] - The company has reported losses in 6 out of its 13 annual reports since going public, suggesting a history of underperformance [3]