ROSHOW(SZ:002617) Sou Hu Cai Jing·2025-10-29 22:40Core Insights - The company reported a total revenue of 2.761 billion yuan for Q3 2025, a slight decrease of 0.82% year-on-year, while the net profit attributable to shareholders increased by 5.17% to 246 million yuan [1] - In Q3 2025, the total revenue reached 1.009 billion yuan, reflecting a year-on-year increase of 13.99%, and the net profit attributable to shareholders surged by 78.57% to approximately 95.88 million yuan [1] - The company's profitability improved, with a gross margin increase of 1.68% to 21.98% and a net margin increase of 8.89% to 8.18% [1] Financial Performance - Total revenue for Q3 2025 was 2.761 billion yuan, compared to 2.784 billion yuan in Q3 2024, showing a decline of 0.82% [1] - Net profit attributable to shareholders for Q3 2025 was 246 million yuan, up from 234 million yuan in Q3 2024, marking a 5.17% increase [1] - The company reported a gross margin of 21.98% and a net margin of 8.18%, both showing improvements from the previous year [1] Cost and Expenses - Total selling, administrative, and financial expenses amounted to 228 million yuan, accounting for 8.26% of revenue, which is an 8.43% decrease year-on-year [1] - The company’s financial health is indicated by a significant increase in operating cash flow per share, which improved by 95.88% to -0.01 yuan [1] Asset and Liabilities - The company’s cash and cash equivalents decreased to 632 million yuan, down 4.23% from the previous year [1] - Accounts receivable increased by 24.18% to 2.56 billion yuan, indicating potential liquidity concerns [1] - Interest-bearing debt rose slightly by 1.37% to 2.98 billion yuan [1] Investment Returns - The company's return on invested capital (ROIC) was reported at 4.2%, with a historical median ROIC of 3.47% over the past decade, indicating weak investment returns [3] - The company has experienced three years of losses since its IPO, highlighting a fragile business model [3] Cash Flow and Financial Health - The cash flow situation is concerning, with cash and cash equivalents representing only 7.36% of total assets and 55.14% of current liabilities [4] - Financial expenses have reached 52.01% of the average operating cash flow over the past three years, indicating high financial burden [4] - Accounts receivable have reached 992.01% of profit, raising red flags about the company's collection efficiency [4]