Yanmade(SH:688312) Zheng Quan Zhi Xing·2025-08-29 22:59Core Insights - Oat Technology (688312) reported a total revenue of 228 million yuan for the first half of 2025, representing a year-on-year increase of 32.09% [1] - The net profit attributable to shareholders reached 28.93 million yuan, up 18.67% year-on-year [1] - The second quarter alone saw a revenue of 133 million yuan, with a year-on-year growth of 31.42%, and a net profit of 26.42 million yuan, marking a significant increase of 64.39% [1] Financial Performance - The gross margin for the reporting period was 49.12%, a decrease of 2.86% year-on-year, while the net profit margin was 11.33%, down 13.66% year-on-year [1] - Total sales, management, and financial expenses amounted to 31.56 million yuan, accounting for 13.82% of revenue, which is an increase of 28.07% year-on-year [1] - Earnings per share (EPS) increased by 17.65% to 0.20 yuan, and operating cash flow per share surged by 272.87% to 0.48 yuan [1] Asset Management - The accounts receivable were notably high, with accounts receivable amounting to 145.73% of the net profit for the latest annual report [1][2] - The company's return on invested capital (ROIC) was 5.39% last year, indicating average capital returns, with a historical median ROIC of 10.83% since its listing [2] - The company has a healthy cash asset position, which is crucial for its debt repayment capabilities [2] Investment Interest - The largest fund holding Oat Technology is the Guoshou Anbao Yu'an Mixed A Fund, which holds 68,000 shares and has recently entered the top ten holdings [3] - The fund's current scale is 131 million yuan, with a net value of 1.2658 as of August 29, showing a year-on-year increase of 43.53% [3]