Alcha(SZ:002160) Zheng Quan Zhi Xing·2025-08-30 23:24Core Viewpoint - Chang Aluminum Co., Ltd. reported mixed financial results for the first half of 2025, with revenue growth but a significant decline in net profit [1] Financial Performance - Total revenue for the first half of 2025 reached 4.157 billion yuan, an increase of 13.63% year-on-year [1] - Net profit attributable to shareholders was 26.2995 million yuan, down 16.97% compared to the previous year [1] - In Q2 2025, total revenue was 2.328 billion yuan, up 12.75% year-on-year, while net profit dropped 80.14% to 11.6434 million yuan [1] - Gross margin decreased to 10.62%, down 9.08% year-on-year, and net margin fell to 0.63%, a decline of 22.76% [1] - Total operating expenses were 204 million yuan, accounting for 4.91% of revenue, a decrease of 21.86% year-on-year [1] Balance Sheet and Cash Flow - Accounts receivable increased to 2.063 billion yuan, up 20.79% year-on-year, with accounts receivable to net profit ratio at 3174.16% [1][2] - Cash and cash equivalents decreased to 583 million yuan, down 19.66% year-on-year [1] - Interest-bearing liabilities rose to 2.984 billion yuan, an increase of 5.00% [1] - Operating cash flow per share was -0.04 yuan, an improvement of 60.23% year-on-year [1] Business Model and Operational Insights - The company's performance is primarily driven by research and marketing efforts, which require careful examination of underlying factors [2] - The company has a historical average return on invested capital (ROIC) of 2.72%, indicating weak capital returns [1][2] - The company has experienced four years of losses since its listing, suggesting a generally poor investment profile [1]