SICC CO.(SH:688234) Zheng Quan Zhi Xing·2025-08-30 23:24Core Insights - Tianyue Advanced (688234) reported a significant decline in financial performance for the first half of 2025, with total revenue of 794 million yuan, down 12.98% year-on-year, and a net profit attributable to shareholders of 10.88 million yuan, down 89.32% year-on-year [1] - The company's gross margin decreased to 18.45%, a drop of 19.81% year-on-year, while the net margin fell to 1.37%, down 87.73% year-on-year [1] - The total of financial, sales, and administrative expenses increased significantly, accounting for 12.07% of total revenue, up 35.64% year-on-year [1] Financial Performance - Total revenue for 2025 was 794 million yuan, compared to 912 million yuan in 2024, reflecting a decrease of 12.98% [1] - Net profit attributable to shareholders was 10.88 million yuan, down from 102 million yuan in the previous year, a decline of 89.32% [1] - The company reported a gross margin of 18.45%, down from 23.01% in 2024, and a net margin of 1.37%, down from 11.17% [1] Expense Analysis - The combined total of financial, sales, and administrative expenses reached 95.84 million yuan, representing 12.07% of total revenue, an increase of 35.64% year-on-year [1] - The company's operating cash flow per share improved significantly to 0.67 yuan, up 452.84% year-on-year, despite the drop in net profit [1] Investment and Market Position - The company's return on invested capital (ROIC) was reported at 3.08%, indicating weak capital returns, with a historical median ROIC of -1.16% since its listing [3] - The company has faced five years of losses since its IPO, raising concerns about its investment attractiveness [3] - Cash assets are reported to be healthy, but the company needs to manage its accounts receivable, which reached 289.85% of profit [3] Fund Holdings - The largest fund holding Tianyue Advanced is the GF Electronic Information Media Stock A, with 1.4313 million shares, which has recently increased its position [4] - Other funds have also increased their holdings, indicating some level of interest despite the company's recent performance [4]