Core Viewpoint - The recent financial report of Shijin Technology (301030) indicates a significant decline in revenue and profit, raising concerns about the company's financial health and operational efficiency [1][3]. Financial Performance - For the first half of 2025, the company reported total revenue of 1.057 billion yuan, a year-on-year decrease of 48.24% [1]. - The net profit attributable to shareholders was -120 million yuan, representing a year-on-year decline of 193.14% [1]. - In Q2 2025, total revenue was 322 million yuan, down 72.76% year-on-year, with a net profit of -173 million yuan, a staggering decline of 449.08% [1]. - The gross margin fell to 6.48%, a decrease of 72.31% compared to the previous year, while the net margin was -11.5%, down 283.09% [1]. - The total of financial, sales, and management expenses reached 170 million yuan, accounting for 16.12% of total revenue, an increase of 100.84% year-on-year [1]. Key Financial Ratios - The company's return on invested capital (ROIC) has been historically low, with a median of 8.45% since its listing, and a particularly poor ROIC of -14.76% in 2024 [3]. - The cash flow situation is concerning, with cash and cash equivalents at 341 million yuan, down 65.89% year-on-year [1]. - The company has a debt ratio of 32.18%, indicating a significant level of financial leverage [3]. Business Model and Strategy - The company's performance is primarily driven by research and development, necessitating a closer examination of the underlying factors supporting this model [3]. - The company has experienced one loss year since its listing, suggesting potential volatility in its financial performance [3]. Market Position and Investor Sentiment - Analysts project a modest performance for 2025, with expected earnings of 22 million yuan and an average earnings per share of 0.11 yuan [4]. - Several funds have increased their holdings in Shijin Technology, indicating some level of investor confidence despite the recent financial struggles [5].
仕净科技2025年中报简析：净利润同比下降193.14%，三费占比上升明显