HKD(SZ:002816) Zheng Quan Zhi Xing·2025-08-30 23:25Core Insights - The company *ST and Ke (002816) reported significant revenue growth in the 2025 mid-year report, with total revenue reaching 75.19 million yuan, a year-on-year increase of 1541.63% [1] - The net profit attributable to shareholders was -2.62 million yuan, showing an improvement of 88.43% compared to the previous year [1] Financial Performance - Total revenue for Q2 2025 was 41.40 million yuan, up 1703.23% year-on-year [1] - The gross profit margin increased to 23.0%, a rise of 153.95% year-on-year [1] - The net profit margin improved to -6.02%, an increase of 98.84% year-on-year [1] - Total expenses (selling, administrative, and financial) amounted to 23.11 million yuan, accounting for 30.73% of revenue, a decrease of 92.93% year-on-year [1] Balance Sheet Highlights - Inventory increased significantly, with a year-on-year growth of 45.65% [1] - Cash and cash equivalents rose to 33.68 million yuan, an increase of 81.56% year-on-year [1] - Accounts receivable reached 141 million yuan, up 75.19% year-on-year [1] - Interest-bearing liabilities surged to 41.69 million yuan, a dramatic increase of 1696.52% year-on-year [1] Cash Flow and Earnings - Operating cash flow per share was -0.15 yuan, an improvement of 64.21% year-on-year [1] - Earnings per share improved to -0.03 yuan, an increase of 88.42% year-on-year [1] - The net asset value per share decreased to 2.22 yuan, down 12.20% year-on-year [1] Historical Performance - The company's historical return on invested capital (ROIC) has been low, with a median of 3.11% since its listing, and a particularly poor ROIC of -21.36% in 2022 [3] - The company has reported losses in five out of eight annual reports since its listing, indicating a generally poor financial performance [3]