SINYUAN ZM(SZ:301398) Zheng Quan Zhi Xing·2025-08-29 23:43Financial Performance - The company reported a total revenue of 184 million yuan for the first half of 2025, representing a year-on-year increase of 0.09% [1] - The net profit attributable to shareholders was 31.34 million yuan, showing a year-on-year decline of 15.2% [1] - In Q2 2025, total revenue was 95.23 million yuan, down 5.77% year-on-year, while net profit for the quarter was 14.40 million yuan, a decrease of 25.37% [1] - The gross margin was 31.25%, down 7.92% year-on-year, and the net margin was 17.07%, down 15.28% year-on-year [1] - Total operating expenses (selling, administrative, and financial) amounted to 12.84 million yuan, accounting for 6.99% of revenue, an increase of 6.42% year-on-year [1] - Earnings per share (EPS) was 0.28 yuan, a decrease of 15.21% year-on-year [1] Accounts Receivable - The company's accounts receivable were significantly high, with accounts receivable amounting to 185.55% of the net profit for the latest annual report [1][3] Return on Investment - The company's return on invested capital (ROIC) for the previous year was 6.99%, indicating average capital returns [2] - The historical median ROIC since the company went public is 15.65%, suggesting good investment returns historically [2] - The net profit margin for the previous year was 19.66%, indicating high added value for products or services [2] Debt Servicing Ability - The company has a healthy cash asset position, indicating good debt servicing capability [2] Business Model - The company's performance is primarily driven by capital expenditures, necessitating careful evaluation of the profitability and necessity of these capital projects [2]