Jiangsu (SH:688426) Zheng Quan Zhi Xing·2025-08-29 22:42Core Insights - 康为世纪 (688426) reported a total revenue of 87.12 million yuan for the first half of 2025, representing a year-on-year increase of 29.74%, while the net profit attributable to shareholders was -55.91 million yuan, a decline of 11.7% compared to the previous year [1] - The company's gross margin decreased to 51.69%, down 19.74% year-on-year, indicating a decline in profitability [1] - The company has a significant amount of accounts receivable, which accounted for 47.18% of total revenue, raising concerns about cash flow [1] Financial Performance - Total revenue for 2025 was 87.12 million yuan, up from 67.15 million yuan in 2024, marking a 29.74% increase [1] - Net profit for 2025 was -55.91 million yuan, compared to -50.06 million yuan in 2024, reflecting an 11.7% decline [1] - The gross margin for 2025 was 51.69%, down from 64.41% in 2024, a decrease of 19.74% [1] - The net margin improved slightly to -64.73% from -74.48% in the previous year, an increase of 13.08% [1] - Total expenses (sales, management, and financial) amounted to 70.52 million yuan, accounting for 80.95% of revenue, a decrease of 10.4% year-on-year [1] Cash Flow and Debt - The company reported a significant decrease in cash and cash equivalents, down 63.39% to 160 million yuan [1] - The accounts receivable decreased slightly by 3.60% to 59.38 million yuan [1] - Interest-bearing debt increased by 40.54% to 20.33 million yuan, indicating rising financial leverage [1] Investment and Business Model - The company's historical return on invested capital (ROIC) has been relatively low, with a median ROIC of 14.85% since its listing, and a particularly poor ROIC of -10.29% in 2024 [3] - The business model relies heavily on research and development, necessitating a thorough examination of the underlying drivers of this approach [3] - The company has faced two years of losses since its listing, indicating a fragile business model [3] Fund Holdings - The largest fund holding 康为世纪 is 融通价值成长混合A, with 500,000 shares held, remaining unchanged [5] - Other funds, such as 申万菱信医药先锋股票A and 融通远见价值—年持有期混合A, have reduced their holdings in the company [5] - The current net asset value of 融通价值成长混合A is 1.3848, with a year-to-date increase of 75.12% [5]