GZYJPCO(SH:603058) Zheng Quan Zhi Xing·2025-08-30 23:27Core Viewpoint - Yongji Co., Ltd. reported mixed financial results for the first half of 2025, with revenue growth but a significant decline in net profit, indicating potential challenges in profitability and cash flow management [1][8]. Financial Performance Summary - Total revenue for the first half of 2025 reached 428 million yuan, an increase of 11.91% year-on-year [1]. - Net profit attributable to shareholders was 56.61 million yuan, down 27.67% compared to the previous year [1]. - The second quarter saw total revenue of 201 million yuan, up 27.06% year-on-year, but net profit dropped 49.2% to 19.18 million yuan [1]. - Gross margin decreased to 32.8%, down 24.95% year-on-year, while net margin fell to 14.67%, a decline of 31.94% [1]. - Total expenses (selling, administrative, and financial) amounted to 63.05 million yuan, accounting for 14.74% of revenue, an increase of 4.24% year-on-year [1]. Key Financial Metrics - Earnings per share (EPS) decreased to 0.13 yuan, down 28.41% year-on-year [1]. - Operating cash flow per share improved to 0.45 yuan, an increase of 54.79% year-on-year [1]. - The company's net assets per share rose to 2.88 yuan, up 9.02% year-on-year [1]. Accounts Receivable and Cash Flow - Accounts receivable represented 108.92% of the latest annual net profit, indicating a significant amount of outstanding payments [8]. - The company experienced a 42.09% decrease in accounts receivable due to increased customer payments [2]. - Cash flow from operating activities increased by 54.76%, attributed to higher cash collections from customers [7]. Investment and Financing Activities - The company reported a 110.98% increase in short-term borrowings, reflecting a rise in working capital loans [5]. - Cash flow from investing activities decreased by 122.25%, due to increased cash payments for acquisitions [7]. - Cash flow from financing activities fell by 86.11%, primarily due to higher debt repayments [7]. Business Evaluation - The company's return on invested capital (ROIC) was 11.13%, indicating average capital returns [7]. - Historical data shows a median ROIC of 12.32% since its listing, with the lowest ROIC recorded at 2.53% in 2022 [7].