WISCOM(SZ:002090) Zheng Quan Zhi Xing·2025-08-29 22:42Core Viewpoint - Jinzhikeji (002090) reported a mixed performance in its 2025 mid-year financial results, with a decline in total revenue but an increase in net profit, indicating improved profitability metrics despite overall revenue challenges [1]. Financial Performance - Total revenue for the first half of 2025 was 656 million yuan, a decrease of 7.58% compared to 709 million yuan in 2024 [1]. - Net profit attributable to shareholders reached 31.43 million yuan, an increase of 11.32% from 28.23 million yuan in the previous year [1]. - In Q2 2025, total revenue was 344 million yuan, showing a year-on-year increase of 12.02%, while net profit for the quarter was 16.13 million yuan, up 76.18% [1]. - Gross margin improved to 29.7%, reflecting a year-on-year increase of 16.57%, and net margin rose to 4.74%, up 20.67% [1]. Cost and Efficiency Metrics - Total selling, administrative, and financial expenses amounted to 94.57 million yuan, accounting for 14.42% of revenue, which is a 4.15% increase year-on-year [1]. - The company reported a significant increase in operating cash flow per share, which reached 0.0 yuan, up 101.43% from -0.1 yuan [1]. - Earnings per share increased to 0.08 yuan, reflecting an 11.35% rise from 0.07 yuan in the previous year [1]. Financial Health Indicators - The company's cash flow situation is concerning, with cash and cash equivalents to current liabilities ratio at 86.65% [3]. - Accounts receivable have reached 928.91% of profit, indicating potential liquidity issues [3]. Business Model Insights - The company's performance is primarily driven by research and development as well as marketing efforts, necessitating a deeper analysis of these underlying drivers [2].