TAM(SH:603789) Zheng Quan Zhi Xing·2025-08-30 23:27Core Viewpoint - *ST Xingnong (603789) reported a significant increase in total revenue and a reduction in net loss for the first half of 2025, indicating improved operational performance despite ongoing challenges [1]. Financial Performance - Total revenue for the first half of 2025 reached 155 million yuan, a year-on-year increase of 59.82% [1]. - The net profit attributable to shareholders was -40.93 million yuan, showing a year-on-year improvement of 16.37% [1]. - In Q2 2025, total revenue was 86.60 million yuan, up 39.32% year-on-year, while the net profit attributable to shareholders was -12.57 million yuan, an increase of 51.29% year-on-year [1]. Profitability Metrics - Gross margin improved to 0.67%, with a year-on-year increase of 103.11% [1]. - Net margin was -28.35%, reflecting a year-on-year increase of 49.51% [1]. - Total selling, administrative, and financial expenses amounted to 47.10 million yuan, accounting for 30.38% of revenue, a decrease of 19.55% year-on-year [1]. Cash Flow and Assets - Cash and cash equivalents increased to 113 million yuan, a rise of 44.89% year-on-year [1]. - Accounts receivable grew to 280 million yuan, up 20.12% year-on-year [1]. - The company reported a negative operating cash flow per share of -0.14 yuan, an improvement of 50.46% year-on-year [1]. Historical Context - The company has shown a median ROIC of 2.16% since its listing, indicating average investment returns [3]. - The worst ROIC recorded was -30% in 2024, highlighting significant challenges in generating returns [3]. - The company has reported losses in 6 out of 9 annual reports since its listing, suggesting a trend of financial instability [3].