Transwarp(SH:688031) Zheng Quan Zhi Xing·2025-08-29 22:42Core Insights - Star Ring Technology (688031) reported a total revenue of 153 million yuan for the first half of 2025, an increase of 8.82% year-on-year, while the net profit attributable to shareholders was -143 million yuan, improving by 25.24% year-on-year [1] - The company’s gross margin was 45.68%, down 4.94% year-on-year, and the net margin was -93.73%, an improvement of 31.45% year-on-year [1] - The company has a significant amount of accounts receivable, which accounted for 76.65% of total revenue in the latest annual report [1] Financial Performance - Total revenue for 2025 was 153 million yuan, compared to 140 million yuan in 2024, reflecting an 8.82% increase [1] - The net profit attributable to shareholders improved from -191 million yuan in 2024 to -143 million yuan in 2025, a 25.24% improvement [1] - The gross margin decreased from 48.06% in 2024 to 45.68% in 2025, while the net margin improved from -136.73% to -93.73% [1] - Total expenses (selling, administrative, and financial) amounted to 137 million yuan, accounting for 89.61% of revenue, down 25.31% year-on-year [1] Cash Flow and Debt - The company reported a significant increase in cash and cash equivalents, rising by 415.27% to 507 million yuan [1] - Accounts receivable decreased by 18.32% from 349 million yuan in 2024 to 285 million yuan in 2025 [1] - Interest-bearing debt increased by 20.14% from 56.34 million yuan to 67.69 million yuan [1] Market Position and Analyst Expectations - Analysts expect the company to report a loss of 238 million yuan for 2025, with an average earnings per share estimate of -1.96 yuan [2] - The company has a historical median Return on Invested Capital (ROIC) of -25.39%, indicating poor investment returns [1] - The company has experienced seven years of losses since its listing, with a notable ROIC of -163.75% in 2018 [1] Fund Holdings - The largest fund holding Star Ring Technology is the Galaxy Intelligent Mixed A Fund, which holds 1.2 million shares [3] - The fund has seen a recent increase in holdings, with a current scale of 690 million yuan and a net value of 3.242 as of August 29 [3]