杰美特2025年中报简析：净利润同比下降153.15%，三费占比上升明显

Core Insights - The company, Jiemite (300868), reported a significant decline in revenue and net profit for the first half of 2025, with total revenue of 291 million yuan, down 32.46% year-on-year, and a net loss of 9.90 million yuan, a decrease of 153.15% compared to the previous year [1] Financial Performance - Total revenue for Q2 2025 was 141 million yuan, reflecting a 35.69% year-on-year decline [1] - The gross profit margin improved to 28.43%, an increase of 25.08% year-on-year, while the net profit margin fell to -4.02%, a decrease of 202.17% [1] - The total of selling, administrative, and financial expenses reached 83.24 million yuan, accounting for 28.62% of total revenue, which is a 92.3% increase year-on-year [1] - Earnings per share dropped to -0.08 yuan, a decline of 153.3% year-on-year, and operating cash flow per share was -0.01 yuan, down 109.34% [1] Debt and Cash Flow - The company’s interest-bearing debt increased by 33.42% year-on-year, reaching 351 million yuan, while cash and cash equivalents rose by 118.81% to 247.1 million yuan [1] - The average operating cash flow over the past three years has been negative, indicating potential liquidity issues [3] Business Model and Market Position - The company’s return on invested capital (ROIC) was 0.47% last year, indicating weak capital returns, with a historical median ROIC of 9.85% since its IPO [3] - The business model relies heavily on research and marketing, necessitating a deeper analysis of the underlying drivers of these areas [3] - The company has experienced two years of losses since its IPO, suggesting a fragile business model [3]