Gifore(SZ:300022) Zheng Quan Shi Bao Wang·2025-09-02 08:05Core Viewpoint - Jifeng Technology (300022) reported a mixed performance in its 2025 semi-annual report, with revenue declining slightly while net profit saw significant growth, raising questions about the sustainability of this profit increase amid industry challenges [1][2]. Financial Performance - The company achieved operating revenue of 1.462 billion yuan, a year-on-year decrease of 0.45%, while net profit reached 4.0473 million yuan, an increase of 177.01% [1]. - The core agricultural machinery distribution segment experienced a revenue drop of 2.27% to 1.32 billion yuan, with a corresponding decline in gross margin [3][4]. - The agricultural machinery manufacturing segment reported a revenue increase of 20.53% to 141.29 million yuan, but faced a higher cost increase of 33.75%, leading to a reduced gross margin [4]. Inventory and Debt Situation - As of mid-2025, the company's inventory value reached 779 million yuan, accounting for 143.87% of its net assets, with a significant increase in inventory levels [5]. - The short-term borrowings surged by 47.65% to 314 million yuan, indicating increased financial pressure [7]. Shareholding Changes - The company underwent a change in control, with Anhui Lanshi becoming the new controlling shareholder, acquiring 19.65% of the voting rights [8][9]. - Shortly after gaining control, Anhui Lanshi pledged all its shares, citing funding needs [12]. Legal and Financial Risks - The new controlling shareholder's equity in Shenzhen United Aircraft Technology Co., Ltd. has been frozen by the court for three years, indicating potential financial instability [13].