SSAW Hotels(SZ:301073) Zheng Quan Zhi Xing·2025-08-29 23:43Financial Performance - The company reported total revenue of 326 million yuan for the first half of 2025, a decrease of 1.24% year-on-year [1] - The net profit attributable to shareholders was 6.17 million yuan, down 54.96% compared to the previous year [1] - In Q2 2025, total revenue was 164 million yuan, reflecting a decline of 3.62% year-on-year, while net profit was 3.31 million yuan, a decrease of 63.34% [1] - The gross margin was 28.16%, down 9.68% year-on-year, and the net margin was 2.38%, down 54.16% [1] - Total expenses (selling, administrative, and financial) amounted to 88.87 million yuan, accounting for 27.23% of revenue, an increase of 7.17% year-on-year [1] Accounts Receivable and Cash Flow - The company's accounts receivable were significant, with accounts receivable to net profit ratio reaching 330.28% [1][3] - Operating cash flow per share was 0.6 yuan, an increase of 3.51% year-on-year [1] Historical Performance and Business Model - The company's return on invested capital (ROIC) was 3.47% last year, indicating weak capital returns [3] - The historical median ROIC since the company went public is 18.52%, suggesting better investment returns in the past [3] - The company's performance relies heavily on marketing-driven strategies, necessitating a deeper analysis of the underlying factors [3] Fund Holdings - The largest fund holding shares in the company is the CITIC Securities Selected Growth Mixed Fund A, with 45,000 shares held [4] - The fund's current scale is 15 million yuan, and its latest net value is 1.2865, reflecting a 0.09% decline from the previous trading day, but a 64.96% increase over the past year [4]