Shenli(SH:603819) Zheng Quan Zhi Xing·2025-08-29 22:42Core Viewpoint - The financial report of Shenli Co., Ltd. (603819) for the first half of 2025 shows significant improvements in revenue and net profit compared to the previous year, despite challenges in cash flow and debt levels [1]. Financial Performance - Total revenue for the first half of 2025 reached 726 million yuan, a year-on-year increase of 19.3% [1]. - The net profit attributable to shareholders was 7.88 million yuan, up 113.25% year-on-year [1]. - In Q2 2025, total revenue was 400 million yuan, reflecting a 17.53% increase year-on-year [1]. - Q2 net profit attributable to shareholders was 7.42 million yuan, an increase of 110.81% year-on-year [1]. Key Financial Ratios - Gross margin was 6.82%, down 13.6% year-on-year [1]. - Net margin improved to 1.08%, a significant increase of 111.11% year-on-year [1]. - The ratio of selling, administrative, and financial expenses to revenue was 4.55%, a decrease of 18.9% year-on-year [1]. Balance Sheet Highlights - Cash and cash equivalents increased to 179 million yuan, a rise of 46.26% year-on-year [1]. - Accounts receivable grew to 523 million yuan, up 14.49% year-on-year [1]. - Interest-bearing liabilities rose to 586 million yuan, an increase of 38.04% year-on-year [1]. Earnings Per Share - Earnings per share (EPS) improved to 0.04 yuan, a year-on-year increase of 113.26% [1]. - Operating cash flow per share was -0.25 yuan, a significant decline of 341.17% year-on-year [1]. - Net asset value per share was 3.64 yuan, reflecting a 3.19% increase year-on-year [1]. Business Evaluation - The company's historical return on invested capital (ROIC) has been average, with a median of 7.56% since its listing, indicating a relatively weak business model [1]. - The company has reported two years of losses since its IPO, highlighting vulnerabilities in its business operations [1].