GDM(SZ:002636) Zheng Quan Zhi Xing·2025-08-30 23:26Financial Performance - Company reported total revenue of 2.05 billion yuan for the first half of 2025, an increase of 3.97% year-on-year [1] - Net profit attributable to shareholders reached 70.48 million yuan, up 0.76% year-on-year [1] - In Q2 2025, total revenue was 1.09 billion yuan, a decrease of 3.97% year-on-year, while net profit dropped by 48.09% to 47.12 million yuan [1] Profitability Metrics - Gross margin improved to 11.31%, reflecting an increase of 18.8% year-on-year [1] - Net margin increased to 3.64%, up 1.55% year-on-year [1] - Total selling, administrative, and financial expenses amounted to 68.61 million yuan, representing 3.35% of revenue, a decrease of 26.71% year-on-year [1] Cash Flow and Assets - Cash and cash equivalents rose to 656 million yuan, a 39% increase year-on-year [1] - Operating cash flow per share was -0.06 yuan, a significant decrease of 554.04% year-on-year [1] - The company’s net asset per share was 4.65 yuan, down 0.75% year-on-year [1] Investment Returns - Historical median Return on Invested Capital (ROIC) over the past decade was 4.01%, indicating weak investment returns [3] - The worst year for ROIC was 2023, with a value of -3.48% [3] - The company has reported one loss year since its IPO, suggesting a need for further investigation into underlying causes [3] Debt and Receivables - Interest-bearing liabilities decreased by 37.6% to 1.01 million yuan [1] - The ratio of cash assets to current liabilities is 47.78%, indicating a healthy cash position [3] - Accounts receivable reached 841 million yuan, with a ratio of accounts receivable to profit at 2268.03%, raising concerns about collection efficiency [3]