GTCL(SZ:000978) Zheng Quan Zhi Xing·2025-08-29 22:42Core Viewpoint - Guilin Tourism (000978) reported a slight increase in total revenue and a significant rise in net profit for the first half of 2025, indicating improved financial performance compared to the previous year [1]. Financial Performance - Total revenue for the first half of 2025 reached 197 million yuan, a year-on-year increase of 0.33% [1]. - Net profit attributable to shareholders was 8.01 million yuan, up 141.94% year-on-year [1]. - In Q2 2025, total revenue was 114 million yuan, reflecting a 6.06% increase year-on-year [1]. - Q2 net profit attributable to shareholders was 21.09 million yuan, a substantial increase of 471.15% year-on-year [1]. Profitability Metrics - Gross margin improved to 29.0%, an increase of 5.9% year-on-year [1]. - Net margin reached 2.98%, up 126.02% year-on-year, indicating a turnaround from previous losses [1]. - Total selling, administrative, and financial expenses amounted to 70.02 million yuan, accounting for 35.6% of revenue, down 5.64% year-on-year [1]. Cash Flow and Debt - Cash flow per share was 0.12 yuan, a significant increase of 2292.64% year-on-year [1]. - The company’s current ratio stood at 0.56, indicating rising short-term debt pressure [1]. - The total interest-bearing debt increased to 913 million yuan, a rise of 3.99% [1]. Historical Context - The company has shown weak historical investment returns, with a median ROIC of 0.9% over the past decade [3]. - The worst year for ROIC was 2022, which recorded -11.45% [3]. - The company has reported losses in four out of its 24 annual reports since going public [3].