集友股份2025年中报简析：亏损收窄

Core Viewpoint - Jiyou Co., Ltd. reported a narrowing loss in its 2025 mid-year financial results, with total revenue significantly declining compared to the previous year [1] Financial Performance Summary - Total revenue for 2025 reached 104 million yuan, a decrease of 63.38% year-on-year from 284 million yuan in 2024 [1] - The net profit attributable to shareholders was -1.39 million yuan, an improvement of 97.99% from -69.16 million yuan in the previous year [1] - The gross margin was 10.51%, down 75.14% from 42.30% in 2024 [1] - The net margin was -1.58%, showing a 93.45% increase from -24.17% in the previous year [1] - Total expenses (selling, administrative, and financial) amounted to 9.22 million yuan, accounting for 8.87% of revenue, an increase of 8.6% year-on-year [1] Key Financial Metrics - Earnings per share (EPS) was -0.00 yuan, a 97.69% improvement from -0.13 yuan in 2024 [1] - Operating cash flow per share was -0.04 yuan, an increase of 76.78% from -0.18 yuan in the previous year [1] - The company's net asset per share was 2.36 yuan, down 4.47% from 2.47 yuan in 2024 [1] Changes in Financial Items - Accounts receivable decreased by 66.48% to 24.97 million yuan due to the collection of overdue payments [1] - Inventory decreased by 34.62% due to reduced shipments [2] - Other non-current assets increased by 1460.45% due to an increase in prepaid equipment [5] - Accounts payable decreased by 39.01% due to reduced material payments [6] - Tax payable decreased by 90.05% due to a reduction in income tax [8] Cash Flow Analysis - Net cash flow from operating activities increased by 76.78% due to reduced cash payments related to operations [9] - Net cash flow from investing activities decreased by 75.59% due to reduced cash received from investment recoveries [9] - Net cash flow from financing activities increased by 99.76% due to share buybacks in the previous year [9] Business Evaluation - The company's historical return on invested capital (ROIC) has been relatively strong, with a median ROIC of 17.18% since its listing [11] - The company has experienced one loss year since its IPO, indicating potential for recovery [11] - The company's cash assets are reported to be in a healthy state, suggesting good liquidity [11]