Jalon(SH:688357) Zheng Quan Zhi Xing·2025-08-30 23:25Core Viewpoint - Jianlong Micro-Nano (688357) reported a slight increase in revenue and net profit for the first half of 2025, indicating improved profitability and operational efficiency [1] Financial Performance - Total revenue for the reporting period reached 378 million yuan, a year-on-year increase of 0.33% - Net profit attributable to shareholders was 48.68 million yuan, up 4.91% year-on-year - In Q2 2025, total revenue was 201 million yuan, reflecting an 8.32% increase year-on-year, while net profit for the quarter was 23.27 million yuan, a significant rise of 57.6% [1] - Gross margin improved by 4.28% to 31.5%, and net margin increased by 4.56% to 12.88% [1] - Total selling, administrative, and financial expenses amounted to 48.09 million yuan, accounting for 12.72% of revenue, with a year-on-year increase of 4.27% [1] - Earnings per share rose to 0.49 yuan, a 6.52% increase year-on-year, while operating cash flow per share surged by 148.64% to 0.45 yuan [1] Investment Metrics - The company's return on invested capital (ROIC) was 3.03% last year, indicating weak capital returns, with a historical median ROIC of 7.27% since its IPO [2] - The net profit margin was reported at 9.6%, suggesting average value addition from products or services [2] - The company has experienced two loss years since its IPO, indicating a fragile business model [2] Debt and Cash Flow - The company maintains a healthy cash asset position, but there are concerns regarding cash flow, with a negative average operating cash flow to current liabilities ratio of -1.35% over the past three years [2] - The interest-bearing debt ratio stands at 23.67%, and financial expenses have reached 127.27% of the average operating cash flow over the past three years [2] - Accounts receivable have reached 176.79% of profit, raising concerns about collection efficiency [2] Analyst Expectations - Analysts project the company's performance for 2025 to reach 106 million yuan, with an average earnings per share estimate of 1.06 yuan [3] Fund Holdings - Notable fund managers, including Yang Gu from Nuon Fund, have increased their holdings in Jianlong Micro-Nano, indicating confidence in the company's potential [4] - The largest fund holding Jianlong Micro-Nano is Nuon Pioneer Mixed A, with a total scale of 3.84 billion yuan and a recent net value increase of 0.74% [4] Corporate Developments - The company is currently undergoing a major asset restructuring process, with due diligence, auditing, and evaluation activities progressing as planned [5]