JMPT(SZ:000700) Zheng Quan Zhi Xing·2025-08-30 23:26Core Insights - The company reported a total revenue of 3.399 billion yuan for the first half of 2025, a year-on-year decrease of 4.24% [1] - The net profit attributable to shareholders was 293 million yuan, down 18.12% year-on-year [1] - The second quarter revenue was 1.8 billion yuan, showing a year-on-year increase of 3.47%, while the net profit for the same period was 145 million yuan, down 32.2% [1] Financial Performance - Gross margin stood at 19.58%, an increase of 7.23% year-on-year, while net margin was 8.61%, a decrease of 14.33% [1] - Total selling, administrative, and financial expenses amounted to 401 million yuan, accounting for 11.79% of revenue, which is a year-on-year increase of 26.37% [1] - Earnings per share (EPS) was 0.32 yuan, down 18.08% year-on-year, and operating cash flow per share was 0.26 yuan, a decrease of 58.16% [1] Investment Metrics - The company's return on invested capital (ROIC) was 11.6% last year, indicating average capital returns [2] - The historical median ROIC over the past decade is 5.73%, with a notably poor ROIC of -0.74% in 2021 [2] - The company has reported two years of losses since its IPO, suggesting a fragile business model [2] Financial Health Indicators - The cash flow situation is concerning, with cash and cash equivalents to current liabilities ratio at 82.53% [2] - The interest-bearing debt ratio has reached 23.73%, indicating potential debt concerns [2] - Accounts receivable to profit ratio is at 204.48%, highlighting significant receivables relative to profit [2] Future Expectations - Analysts expect the company's performance in 2025 to yield a net profit of 708 million yuan, with an average EPS forecast of 0.77 yuan [2]