WBDE(SZ:002082) Zheng Quan Zhi Xing·2025-08-30 00:43Financial Performance - Wanbangde reported a significant decline in net profit, down 64.29% year-on-year, with a total revenue of 579 million yuan, a decrease of 23.15% compared to the previous year [1] - The gross profit margin fell to 32.54%, down 12.83% year-on-year, while the net profit margin dropped to 1.52%, a decline of 61.95% [1] - The company’s total expenses (selling, administrative, and financial) reached 186 million yuan, accounting for 32.2% of revenue, an increase of 4.9% year-on-year [1] Cash Flow and Debt Situation - The cash flow situation is concerning, with cash and cash equivalents to current liabilities ratio at 21.53%, and the average operating cash flow over the past three years being negative [4] - The company’s interest-bearing debt has increased to 1.151 billion yuan, representing a 23.41% rise year-on-year, indicating a growing debt burden [1] Business Model and Return on Investment - The company's return on invested capital (ROIC) was reported at 2.18%, indicating weak capital returns, with a historical median ROIC of 4.7% over the past decade [3] - The net profit margin for the previous year was 3.13%, suggesting low added value in the company's products or services [3] Accounts Receivable Concerns - The accounts receivable to profit ratio has reached 1228.61%, highlighting potential issues with cash collection and credit management [4]