Yantang Dairy(SZ:002732) Zheng Quan Zhi Xing·2025-08-29 22:42Core Insights - Yantang Dairy (002732) reported a total revenue of 765 million yuan for the first half of 2025, a year-on-year decrease of 10.26% [1] - The net profit attributable to shareholders was 34.94 million yuan, down 37.91% year-on-year [1] - The company's accounts receivable accounted for 96.93% of the net profit, indicating a significant reliance on receivables [3] Financial Performance - Total revenue for 2024 was 853 million yuan, compared to 765 million yuan in 2025, reflecting a decline of 10.26% [1] - Net profit for 2024 was 56.28 million yuan, while it dropped to 34.94 million yuan in 2025, a decrease of 37.91% [1] - The gross margin improved slightly to 26.03%, up 0.32% year-on-year, while the net margin fell to 4.61%, down 30.55% [1] - Total expenses (selling, administrative, and financial) reached 143 million yuan, accounting for 18.67% of revenue, an increase of 13.71% [1] - Earnings per share decreased to 0.22 yuan, down 38.89% from 0.36 yuan in 2024 [1] Cash Flow and Assets - Operating cash flow per share increased significantly to 0.48 yuan, a rise of 171.42% year-on-year [1] - The company's net assets per share rose to 9.44 yuan, reflecting a 4.05% increase [1] - Cash and cash equivalents increased to 297.1 million yuan, a growth of 21.33% [1] Business Model and Strategy - The company's performance is primarily driven by marketing efforts, necessitating a thorough examination of the underlying factors behind this drive [2]