CENTER INT(SH:603098) Zheng Quan Zhi Xing·2025-08-30 23:27Financial Performance - The company reported a total revenue of 1.619 billion yuan for the first half of 2025, representing a year-on-year increase of 29.4% [1] - The net profit attributable to shareholders reached 72.056 million yuan, up 25.51% year-on-year [1] - In Q2 2025, total revenue was 902 million yuan, showing a year-on-year growth of 42.34% [1] - The net profit for Q2 2025 was 37.964 million yuan, an increase of 5.49% year-on-year [1] Key Financial Ratios - Gross margin was 18.03%, down 4.08% compared to the previous year [1] - Net margin improved to 4.63%, an increase of 4.92% year-on-year [1] - Total expenses (selling, administrative, and financial) amounted to 139 million yuan, accounting for 8.61% of revenue, a decrease of 24.82% year-on-year [1] Balance Sheet Highlights - Accounts receivable increased by 40.22% year-on-year, reaching 2.011 billion yuan [1] - The company’s cash and cash equivalents decreased by 12.09% to 862.48 million yuan [1] - Interest-bearing debt decreased significantly by 33.85% to 525 million yuan [1] Earnings Per Share - Earnings per share (EPS) rose to 0.13 yuan, reflecting an 18.18% increase year-on-year [1] - Operating cash flow per share improved dramatically to 0.24 yuan, a 505.02% increase compared to the previous year [1] - Net asset value per share increased to 5.19 yuan, up 2.56% year-on-year [1] Business Evaluation - The company's return on invested capital (ROIC) was 2.46%, indicating weak capital returns [3] - Historical median ROIC since listing is 10.25%, with the lowest recorded ROIC at 1.72% in 2021 [3] - The company's business model relies heavily on research and marketing efforts [3] Cash Flow and Receivables - The cash flow situation is concerning, with cash and cash equivalents to current liabilities ratio at 53.87% [3] - The ratio of accounts receivable to profit has reached 2734.54%, indicating potential issues with receivables management [3]