Wondux(SH:688178) Zheng Quan Zhi Xing·2025-08-30 23:24Core Insights - The company, Wanders (688178), reported a significant decline in revenue and net profit for the first half of 2025, with total revenue of 207 million yuan, down 22.66% year-on-year, and a net loss of 28.44 million yuan, a staggering decrease of 559.04% compared to the previous year [1] Financial Performance - Total revenue for the second quarter of 2025 was 117 million yuan, showing a slight increase of 1.86% year-on-year [1] - The gross margin decreased to 17.01%, down 25.39% year-on-year, while the net margin fell to -14.69%, a decline of 433.24% [1] - The company's accounts receivable accounted for 64.24% of total revenue, indicating a large volume of receivables [1] - Total expenses (selling, administrative, and financial) reached 54.93 million yuan, representing 26.49% of revenue, an increase of 12.6% year-on-year [1] Key Ratios - Earnings per share (EPS) dropped to -0.33 yuan, a decrease of 560.0% year-on-year [1] - The company's net asset value per share was 11.8 yuan, down 9.13% year-on-year [1] - The company’s cash flow per share was 0.88 yuan, an increase of 3.24% year-on-year [1] Business Model and Investment Returns - The company's historical return on invested capital (ROIC) has been relatively low, with a median ROIC of 14.54% since its listing, and a particularly poor ROIC of -5.51% in 2023 [3] - The business model relies heavily on capital expenditures, necessitating careful evaluation of the effectiveness of these investments [3] Financial Health Indicators - The company's cash flow situation is concerning, with cash and cash equivalents covering only 53.5% of current liabilities, and a negative average operating cash flow to current liabilities ratio over the past three years [3] - The debt situation is also alarming, with interest-bearing debt reaching 24.14% of total assets, and negative average operating cash flow over the past three years [3]