CRCH(SH:600636) Zheng Quan Zhi Xing·2025-08-30 23:28Financial Performance - Company *ST Guohua reported a significant increase in both revenue and net profit for the first half of 2025, with total revenue reaching 115 million yuan, a year-on-year increase of 69.77% [1] - The net profit attributable to shareholders was 6.97 million yuan, marking a year-on-year increase of 118.96% [1] - In Q2 2025, total revenue was 78.32 million yuan, up 67.65% year-on-year, while net profit for the same period was 15.23 million yuan, reflecting a substantial increase of 210.99% [1] Profitability Metrics - The gross margin for the company was 73.28%, a slight decrease of 0.43% year-on-year, while the net profit margin improved significantly to 6.06%, an increase of 111.17% [1] - The total of selling, administrative, and financial expenses amounted to 62.64 million yuan, accounting for 54.46% of revenue, which is a decrease of 40.56% year-on-year [1] Balance Sheet and Cash Flow - The company reported a decrease in cash assets, with cash and cash equivalents at 414 million yuan, down 36.41% year-on-year [1] - Accounts receivable increased by 10.44% to 46.68 million yuan [1] - The company’s interest-bearing debt decreased significantly by 66.02% to 1.64 million yuan [1] Earnings Per Share - Earnings per share improved to 0.02 yuan, a year-on-year increase of 118.97% [1] - The net asset value per share decreased to 4.64 yuan, down 15.81% year-on-year [1] - Operating cash flow per share was reported at -0.13 yuan, a decrease of 81.81% year-on-year [1] Historical Performance and Investment Return - The company has shown poor historical performance with a median ROIC of -1.17% over the past decade, and a particularly low ROIC of -18.41% in 2024 [3] - The company has recorded six years of losses since its listing, indicating a generally unfavorable investment profile [3] Debt Servicing Capability - The company is noted to have a healthy cash asset position, which may support its debt servicing capabilities [4]