KONKA GROUP(SZ:000016) Nan Fang Du Shi Bao·2025-09-02 10:15Core Viewpoint - The financial report of Konka Group shows a mixed performance under the new ownership of China Resources Group, with a slight decline in revenue but a significant reduction in net losses, indicating ongoing challenges in its core business despite some positive signs from non-recurring gains [2][5]. Financial Performance - In the first half of 2025, Konka achieved operating revenue of 5.248 billion yuan, a year-on-year decrease of 3.05% [2]. - The net loss attributable to shareholders was 383 million yuan, a substantial improvement of 64.75% compared to a loss of 1.088 billion yuan in the same period last year [2]. - However, the adjusted net profit, excluding non-recurring items, was a loss of 1.028 billion yuan, nearly unchanged from the previous year's loss of 1.103 billion yuan [2]. Core Business Challenges - The consumer electronics segment, which includes color TVs and white goods, generated revenue of 4.713 billion yuan, a slight decline of 0.87% year-on-year [3]. - The color TV business saw a revenue increase of 6.09%, but the gross margin was only 0.39%, while the white goods segment experienced a revenue drop of 6.76% [3]. - The overall gross margin for the consumer electronics business was just 3.23%, highlighting the ongoing struggle to convert revenue into profit amid fierce market competition [3]. Financial Pressures - High financial costs and tight cash flow continue to exert pressure on the company's operations, with financial expenses reaching 311 million yuan in the first half of the year [4]. - The net cash flow from operating activities was -676 million yuan, worsening by 53.78% compared to -440 million yuan in the same period last year, indicating significant operational cash flow challenges [4]. New Ownership and Future Prospects - The transition to China Resources Group as the new controlling shareholder has introduced a new management team and strategic direction for Konka [5]. - The semiconductor business reported revenue of 97 million yuan, a year-on-year increase of 17.38%, but remains in the early stages of industrialization and is not yet profitable [6]. - The PCB (printed circuit board) business was a bright spot, achieving revenue of 263 million yuan, a growth of 13.63%, amidst challenges in both core and new business areas [6].