Infosec(SH:688201) Zheng Quan Zhi Xing·2025-08-29 22:42Financial Performance - The company reported total revenue of 198 million yuan for the first half of 2025, an increase of 6.7% year-on-year [1] - The net profit attributable to shareholders reached 10.37 million yuan, up 130.97% compared to the previous year [1] - In Q2 2025, total revenue was 123 million yuan, reflecting a year-on-year growth of 6.86%, while net profit for the quarter was 20.75 million yuan, a significant increase of 659.98% [1] Key Financial Metrics - Gross margin stood at 67.34%, down 5.22% year-on-year, while net margin improved to 6.04%, an increase of 136.24% [1] - Total operating expenses (sales, management, and financial expenses) amounted to 77.93 million yuan, accounting for 39.34% of revenue, a decrease of 17.9% year-on-year [1] - Earnings per share (EPS) was 0.03 yuan, up 120.97% year-on-year, while operating cash flow per share was -0.06 yuan, an improvement of 81.86% [1] Accounts Receivable and Liabilities - Accounts receivable represented 79.67% of the latest annual revenue, indicating a significant amount of outstanding payments [1] - The company reported a decrease in interest-bearing liabilities, which fell by 89.54% to 2.55 million yuan [1] Business Model and Historical Performance - The company's performance is primarily driven by research and development, with a historical median Return on Invested Capital (ROIC) of 23.85% [2] - The company has experienced one loss year since its listing, with the worst ROIC recorded at -2.98% in 2024 [2] Fund Holdings - The largest fund holding shares in the company is the Shangyin Technology Driven Biweekly Redeemable Mixed A Fund, which holds 83,000 shares [3]