BEH-P(SH:600791) Zheng Quan Zhi Xing·2025-08-30 23:23Core Viewpoint - 京能置业's recent financial report indicates a significant decline in revenue and profit, highlighting ongoing challenges in its business operations and financial health [1][3]. Financial Performance - The total revenue for the first half of 2025 was 718 million yuan, a decrease of 54.82% year-on-year [1]. - The net profit attributable to shareholders was -200 million yuan, representing a decline of 234.03% compared to the previous year [1]. - In Q2 2025, total revenue was 403 million yuan, down 71.63% year-on-year, with a net profit of -93.25 million yuan, a staggering drop of 4038.21% [1]. - The gross margin fell to 6.97%, down 60.49% year-on-year, while the net margin was -36.19%, a decrease of 3291.4% [1]. - The total of selling, administrative, and financial expenses reached 272 million yuan, accounting for 37.85% of total revenue, an increase of 152.74% year-on-year [1]. Cash Flow and Debt Situation - The company reported cash and cash equivalents of 2.133 billion yuan, a decrease of 17.02% from the previous year [1]. - The interest-bearing debt increased to 6.446 billion yuan, up 11.21% year-on-year [1]. - The cash flow situation is concerning, with a cash asset to current liabilities ratio of only 36.58% and a negative average operating cash flow over the past three years [5]. Business Model and Operational Insights - The company's business model is primarily driven by marketing, necessitating a deeper analysis of the underlying drivers of this approach [4]. - The historical return on invested capital (ROIC) has been weak, with a median ROIC of 1.34% over the past decade and a particularly poor ROIC of -4.52% in 2023 [3]. Inventory and Financial Health - The inventory to revenue ratio has reached 276%, indicating potential issues with inventory management [6]. - The company has experienced four years of losses since its listing, suggesting a lack of consistent profitability [3].