GOLDLOK HOLDINGS(SZ:002348) Zheng Quan Zhi Xing·2025-08-30 23:23Core Viewpoint - The recent financial report of GaoLe Co., Ltd. (002348) indicates a significant increase in revenue and a reduction in net loss, although the company faces rising short-term debt pressure and liquidity issues [1][3]. Financial Performance - The total revenue for the first half of 2025 reached 131 million yuan, a year-on-year increase of 35.93% [1]. - The net profit attributable to shareholders was -27.95 million yuan, showing a year-on-year improvement of 21.95% [1]. - In Q2 2025, the revenue was 78.83 million yuan, up 54.9% year-on-year, while the net profit attributable to shareholders was -13.11 million yuan, an increase of 42.3% year-on-year [1]. Profitability Metrics - The gross margin improved to 20.79%, reflecting a year-on-year increase of 22.16% [1]. - The net margin was -21.29%, which is a 42.62% improvement compared to the previous year [1]. - The total of selling, administrative, and financial expenses was 47.33 million yuan, accounting for 36.04% of revenue, down 7.48% year-on-year [1]. Balance Sheet and Cash Flow - The current ratio stands at 0.87, indicating liquidity concerns [1]. - Cash and cash equivalents decreased by 55.94% to 11.99 million yuan [1]. - Accounts receivable increased by 8.71% to 166 million yuan [1]. - Interest-bearing debt rose to 260 million yuan, an increase of 8.24% [1]. Historical Performance and Investment Considerations - The company's historical return on invested capital (ROIC) has been poor, with a median of -8.53% over the past decade and a worst year in 2019 at -23.18% [3]. - The company has reported losses in 6 out of 14 annual reports since its listing, indicating a challenging investment profile [3]. - Cash flow metrics suggest potential concerns, with cash and cash equivalents covering only 6.12% of current liabilities [3].