Kaiyuan EDU(SZ:300338) Zheng Quan Zhi Xing·2025-08-29 22:42Financial Performance - ST Kaiyuan reported a net profit decline of 146.22% year-on-year, with a total revenue of 75.643 million yuan, down 22.6% [1] - In Q2, the company generated a revenue of 41.582 million yuan, a decrease of 30.46% year-on-year, and a net profit of -26.548 million yuan, down 138.69% [1] - The gross margin was 47.58%, a decrease of 20.85% year-on-year, while the net margin was -59.03%, down 208.47% [1] Cost and Expenses - Total sales, management, and financial expenses amounted to 76.179 million yuan, accounting for 100.71% of revenue, an increase of 13.75% year-on-year [1] - The company reported a negative operating cash flow per share of -0.22 yuan, a decrease of 722.23% year-on-year [1] Historical Performance and Business Model - The company's historical median Return on Invested Capital (ROIC) over the past decade is -14.67%, with the worst year being 2024 at -543.62% [2] - The business model relies heavily on marketing-driven performance, necessitating a thorough examination of the underlying drivers [2] - The company has reported losses in 5 out of 12 annual reports since its listing, indicating a generally poor financial history [2] Cash Flow and Financial Health - The cash flow situation is concerning, with a cash and cash equivalents to current liabilities ratio of only 46.12% [2] - The average net cash flow from operating activities over the past three years has been negative [2]