Core Insights - Tianyi Ma (301178) reported a significant increase in revenue and net profit for the first half of 2025, with total revenue reaching 146 million yuan, up 63.24% year-on-year, and a net profit of 6.06 million yuan, up 151.66% [1] Financial Performance - Total revenue for Q2 2025 was 97.21 million yuan, reflecting a year-on-year increase of 96.35 [1] - The gross profit margin improved to 30.33%, a rise of 56.94% compared to the previous year [1] - The net profit margin turned positive at 4.13%, up 126.04% from a negative margin of 15.85% in the previous year [1] - Selling, general, and administrative expenses totaled 31.13 million yuan, accounting for 21.37% of revenue, down 27.54% year-on-year [1] - Earnings per share (EPS) increased to 0.09 yuan, a 151.19% rise from the previous year's loss of 0.18 yuan [1] Balance Sheet and Cash Flow - Inventory saw a significant increase, with a year-on-year growth of 255.64% [1] - Cash and cash equivalents decreased by 35.98% to 277 million yuan [1] - The company reported a negative operating cash flow per share of -0.24 yuan, although this was an improvement of 73.45% year-on-year [1] - The company’s interest-bearing debt increased dramatically by 901.67% to 39.54 million yuan [1] Historical Context - The company has a historical median Return on Invested Capital (ROIC) of 13.09%, with the worst year being 2024, which recorded a ROIC of -6.88% [3] - The company has reported one loss year since its listing, indicating potential volatility in financial performance [3]
天亿马2025年中报简析：营收净利润同比双双增长，存货明显上升