NJXB(SH:600682) Zheng Quan Zhi Xing·2025-08-30 23:27Financial Performance - Nanjing Xinbai reported a total revenue of 3.212 billion yuan for the first half of 2025, a decrease of 1.2% year-on-year [1] - The net profit attributable to shareholders was 166 million yuan, reflecting a year-on-year increase of 0.76% [1] - The gross margin was 42.87%, down 5.95% compared to the previous year, while the net margin decreased by 7.96% to 6.65% [1] - The total of selling, administrative, and financial expenses was 830 million yuan, accounting for 25.84% of revenue, a decrease of 9.75% year-on-year [1] - Earnings per share remained unchanged at 0.12 yuan, while operating cash flow per share increased by 35.3% to 0.28 yuan [1] Asset and Liability Management - The company reported cash and cash equivalents of 5.346 billion yuan, an increase of 16.94% year-on-year [1] - Accounts receivable decreased by 8.92% to 1.316 billion yuan, indicating improved collection efficiency [1] - Interest-bearing liabilities decreased by 4.95% to 767.1 million yuan, reflecting a healthier debt position [1] Return on Investment - The company's return on invested capital (ROIC) was 1.46%, indicating weak capital returns [3] - The historical median ROIC over the past decade was 5.73%, with the worst year being 2018, which recorded a ROIC of -3.48% [3] Business Model and Operational Insights - The company's performance is primarily driven by research and marketing efforts, necessitating further investigation into the underlying factors of these drivers [4] - The accounts receivable situation is concerning, with accounts receivable to profit ratio reaching 571.94% [5]