Wondertek(SH:603189) Zheng Quan Zhi Xing·2025-08-29 22:42Core Viewpoint - The recent financial report of Wangda Software (603189) indicates a significant decline in revenue and net profit for the first half of 2025 compared to the previous year, highlighting challenges in operational performance and increased expense ratios [1]. Financial Performance - Total revenue for the first half of 2025 was 127 million yuan, a decrease of 28.3% year-on-year [1]. - Net profit attributable to shareholders was 4.82 million yuan, down 19.68% from the previous year [1]. - In Q2 2025, total revenue was 52.98 million yuan, reflecting a 52.15% decline year-on-year [1]. - Q2 net profit attributable to shareholders was 1.82 million yuan, a decrease of 29.87% [1]. - The gross margin was 25.58%, a decline of 1.61% year-on-year, while the net margin improved to 3.78%, an increase of 12.02% [1]. Expense Analysis - The total of financial, sales, and management expenses reached 19.86 million yuan, accounting for 15.59% of total revenue, which is a 30.62% increase year-on-year [1]. - The company’s cash assets are reported to be healthy, indicating a strong liquidity position [2]. Return on Investment - The company's Return on Invested Capital (ROIC) was 0.33% last year, with a historical median ROIC of 6.33% since its listing, indicating generally weak investment returns [2]. - The worst year for ROIC was 2023, which recorded -5.42%, suggesting significant challenges in generating returns on capital [2]. Business Model and Operational Insights - The company's performance is primarily driven by research and marketing efforts, necessitating a deeper examination of the underlying factors influencing these drivers [3]. - The accounts receivable situation is concerning, with accounts receivable to profit ratio reaching 1514.7%, indicating potential issues in cash flow management [3].