GATD(SH:688239) Zheng Quan Zhi Xing·2025-08-30 23:24Financial Performance - The company reported total revenue of 914 million yuan for the first half of 2025, a decrease of 8.71% year-on-year [1] - The net profit attributable to shareholders was 90.30 million yuan, down 12.76% compared to the previous year [1] - The gross margin was 26.62%, a decline of 3.34% year-on-year, while the net margin was 10.28%, down 0.27% [1] - The company experienced a significant increase in inventory, with a year-on-year growth of 38.5% [1] Key Financial Metrics - The company's operating expenses, including sales, management, and financial costs, totaled 77.74 million yuan, accounting for 8.51% of revenue, an increase of 16.93% year-on-year [1] - Earnings per share decreased to 0.59 yuan, down 16.90% from the previous year [1] - The company reported a negative operating cash flow per share of -0.01 yuan, a decline of 171.17% year-on-year [1] Changes in Financial Items - Accounts receivable financing increased by 38.57% due to an increase in bank acceptance bills expected to be discounted [3] - Other receivables rose by 43.37% due to an increase in government subsidy receivables [3] - Long-term equity investments decreased by 82.0% as the company included its joint venture, Deyu Testing, in its consolidated financials [3] - The company’s cash flow from operating activities saw a significant decline of 192.33% due to increased raw material procurement expenses [6] Investment Activity - The net cash flow from investing activities decreased by 345.2% due to increased payments for ongoing projects [7] - The net cash flow from financing activities also dropped by 158.24% as the company used idle funds to temporarily supplement working capital [8] Fund Holdings - The largest fund holding in the company is the Xin'ao Advanced Manufacturing Equity Fund, which has increased its position [10] - Other funds have also increased their holdings, indicating a growing interest in the company despite its recent financial challenges [10]