Golden Bridge(SH:600639) Zheng Quan Zhi Xing·2025-08-29 22:42Core Viewpoint - The financial performance of Pudong Jinqiao (600639) for the first half of 2025 shows significant declines in revenue and net profit compared to the previous year, indicating potential challenges ahead for the company [1]. Financial Performance Summary - Total revenue for the first half of 2025 was 961 million yuan, a decrease of 33.84% year-on-year [1]. - Net profit attributable to shareholders was 175 million yuan, down 46.51% year-on-year [1]. - In Q2 2025, total revenue was 451 million yuan, a decline of 17.03% year-on-year, with net profit of 72.34 million yuan, down 27.37% [1]. - The gross margin was 57.73%, a decrease of 4.0% year-on-year, while the net margin was 16.34%, down 25.27% [1]. - The total of selling, administrative, and financial expenses reached 262 million yuan, accounting for 27.21% of total revenue, an increase of 39.64% year-on-year [1]. Key Financial Ratios - The company's return on invested capital (ROIC) for the previous year was 3.95%, indicating weak capital returns [3]. - The average net profit margin over the past year was 35.89%, suggesting high added value in products or services [3]. - The company's cash assets are reported to be healthy, but the cash flow situation is concerning, with a cash flow to current liabilities ratio of only 35.53% [3]. Debt and Cash Flow Analysis - The interest-bearing debt ratio has reached 42.19%, with negative average operating cash flow over the past three years [3]. - The inventory to revenue ratio is alarmingly high at 912.79%, indicating potential issues with inventory management [3]. Future Expectations - Analysts expect the company's performance in 2025 to reach 1.05 billion yuan, with an average earnings per share of 0.94 yuan [3].