Minami(SZ:301383) Zheng Quan Zhi Xing·2025-08-29 23:43Core Viewpoint - Tianjian Co., Ltd. reported disappointing financial results for the first half of 2025, with significant declines in revenue and net profit compared to the previous year [1][4]. Financial Performance - The total revenue for the first half of 2025 was 895 million yuan, a decrease of 6.32% year-on-year [1]. - The net profit attributable to shareholders was 5.25 million yuan, down 94.47% year-on-year [1]. - In Q2 2025, total revenue was 459 million yuan, a decline of 15.15% year-on-year, with net profit of 1.77 million yuan, down 96.75% year-on-year [1]. Profitability Metrics - Gross margin was 13.6%, a decrease of 24.97% year-on-year [1]. - Net margin was 0.59%, down 94.14% year-on-year [1]. - Total selling, administrative, and financial expenses amounted to 47.53 million yuan, representing 5.31% of revenue, an increase of 65.37% year-on-year [1]. Balance Sheet Highlights - Cash and cash equivalents increased by 23.41% to 753 million yuan [1]. - Accounts receivable stood at 396 million yuan, down 18.44% year-on-year [1]. - Interest-bearing liabilities rose by 153.17% to 4.44 million yuan [1]. Shareholder Metrics - Earnings per share (EPS) dropped to 0.03 yuan, a decrease of 94.83% year-on-year [1]. - The net asset value per share increased by 4.26% to 12.37 yuan [1]. - Operating cash flow per share was 0.27 yuan, down 77.73% year-on-year [1]. Business Evaluation - The company's return on invested capital (ROIC) for the previous year was 10.29%, indicating average capital returns [3]. - Historical data shows a median ROIC of 12.17% since the company went public, with the worst year being 2019 at 5.98% [3]. Debt and Cash Flow Analysis - The company has a healthy cash position, but attention is needed on accounts receivable, which is 187.12% of net profit [4]. - Analysts expect the company's performance in 2025 to yield a net profit of approximately 82 million yuan, with an average EPS forecast of 0.5 yuan [4].