然而受制于国内陶瓷行业整体发展背景，以及上游房地产行业的发展趋势，马可波罗也难以避免业绩下 滑的走势。 就在公布上市公告的同时，马可波罗还更新了今年上半年的业绩数据。 (文/孙梅欣 编辑/张广凯） 二度闯关上市的陶瓷品牌马可波罗，终于获批在10月13日进行发行申购。 马可波罗在近期获得了证监会的公开发行股票注册批复，即将在深交所公开发行不超过1.19亿股新股。 这意味着两度尝试IPO的马可波罗，终于可以踏入资本市场。 今年上半年的表现显示，市场环境影响仍在下滑，但受国家支持房地产止跌回稳、支持消费推出"国补" 等因素影响，公司的销售价格降幅有所收窄。 然而从三季度情况来看，消费支持带来的回暖有限。根据随财报公布的未经审计的前三季度数据来看， 到今年9月末，公司营收最高不超过51亿元，同比至少下滑7.25%；归母净利润最高不超过10.5亿元，同 比至少下滑7.66%；扣非后归母净利润最高不超过9.5亿元，同比最少下滑5.77%，核心财务数据整体仍 在下降。 业绩显示，上半年公司营收32.18亿元，同比下降11.82%；归母净利润为6.55亿元，同比下滑7.9%；扣 非后归母净利润5.98亿元，同比下滑6.8%； ...

Core Viewpoint - Marco Polo has successfully passed the listing review by the Shenzhen Stock Exchange after more than three years of efforts, planning to raise funds primarily for the green and intelligent transformation of production lines, despite a significant reduction in the total amount to be raised from 40.18 billion to 23.77 billion [1][9]. Financial Performance - Marco Polo's revenue has declined from approximately 86.61 billion in 2022 to 73.24 billion in 2024, while net profit has also decreased from 15.14 billion to 13.27 billion during the same period [2][3]. - The average selling price of products has dropped from 41.62 yuan per square meter in 2022 to 37.72 yuan in 2024 [3][4]. Market Conditions - The company is facing challenges due to a downturn in the real estate industry, which has led to increased competition and a decrease in sales prices and volumes [4][6]. - Marco Polo's market share remains low, with figures of 2.62%, 3.23%, and 3.27% from 2022 to 2024 [5]. Accounts Receivable Issues - The accounts receivable balance has decreased from approximately 20.28 billion in 2022 to 12.14 billion in 2024, but the proportion of accounts receivable to total current assets has also declined [6][7]. - The company has faced credit defaults from major real estate clients, impacting cash flow and operational performance [6][8]. Listing Journey - Marco Polo's path to listing has been complicated, with multiple requests to suspend the review process and several updates to financial data, leading to scrutiny from the Shenzhen Stock Exchange regarding performance stability and accounts receivable [9].

Financial Performance - The company reported total revenue of 2.386 billion yuan for the first half of 2025, a year-on-year decrease of 2.28% [1] - The net profit attributable to shareholders was 238 million yuan, down 8.02% year-on-year [1] - In Q2, total revenue was 1.195 billion yuan, reflecting a year-on-year decline of 7.33% [1] - The net profit for Q2 was 115 million yuan, a decrease of 15.66% year-on-year [1] - The gross margin was 26.82%, an increase of 1.54% year-on-year, while the net margin was 10.03%, down 5.38% year-on-year [1] Financial Ratios and Metrics - The company's accounts receivable reached 199.31% of the latest annual net profit, indicating a significant amount of receivables [1][2] - The total of selling, administrative, and financial expenses was 246 million yuan, accounting for 10.29% of revenue, which is a year-on-year increase of 12.77% [1] - Earnings per share (EPS) was 0.54 yuan, down 6.9% year-on-year [1] - The company reported a return on invested capital (ROIC) of 13.85% last year, with a historical median ROIC of 16.1% since its listing [2] - The estimated dividend yield is 5.03% [2] Cash Flow and Assets - Operating cash flow per share was 0.29 yuan, a significant decrease of 49.4% year-on-year [1] - The net asset value per share was 7.44 yuan, reflecting a year-on-year increase of 6.4% [1]

Financial Performance - The company reported total revenue of 230 million yuan for the first half of 2025, a year-on-year decrease of 4.36% [1] - The net profit attributable to shareholders was 19.47 million yuan, down 21.49% year-on-year [1] - In Q2 2025, total revenue was 149 million yuan, showing a year-on-year increase of 4.47, while net profit was 10.25 million yuan, a decline of 24.49% year-on-year [1] - The gross margin was 21.9%, a decrease of 9.23% year-on-year, and the net margin was 8.42%, down 17.84% year-on-year [1] - Total selling, administrative, and financial expenses amounted to 18.14 million yuan, accounting for 7.9% of revenue, an increase of 0.45% year-on-year [1] - Earnings per share were 0.07 yuan, a decrease of 22.22% year-on-year [1] Accounts Receivable - The company's accounts receivable were significantly high, with accounts receivable accounting for 275.25% of the latest annual net profit [1][3] Return on Investment - The company's return on invested capital (ROIC) was 5.22% last year, indicating average capital returns [2] - The historical median ROIC since the company went public is 14.1%, suggesting better investment returns in the past [2] - The net profit margin last year was 9.35%, indicating average added value of products or services [2] Debt Servicing Ability - The company has a healthy cash asset position, indicating good debt servicing capability [2] Business Model - The company's performance is primarily driven by research and development, necessitating a thorough examination of the underlying drivers of this growth [2]

Core Viewpoint - The company reported mixed financial results for the first half of 2025, with a slight decline in revenue but a significant increase in net profit, indicating potential operational efficiency improvements despite challenges in sales volume and pricing [1]. Financial Performance - Total revenue for the first half of 2025 was 2.827 billion yuan, a decrease of 0.12% year-on-year [1]. - Net profit attributable to shareholders reached 360 million yuan, an increase of 112.44% year-on-year [1]. - Gross margin was 23.3%, down 5.59% year-on-year, while net margin improved to 13.02%, up 111.68% year-on-year [1]. - Earnings per share (EPS) increased to 0.44 yuan, a rise of 109.52% year-on-year [1]. Accounts Receivable and Cash Flow - Accounts receivable amounted to 747.1 million yuan, representing 182.11% of the net profit, indicating a significant amount of outstanding payments [1][4]. - Operating cash flow per share was 0.32 yuan, down 41.52% year-on-year [1]. Market and Sales Performance - Sales revenue from fabrics decreased by 7.85% year-on-year, while shirt sales increased by 24.82% due to higher sales volume [6]. - Domestic sales showed a slight decline, while markets in Europe, the US, Japan, and South Korea experienced small growth [7]. Impact of Tariffs - The company faced a slight impact on sales due to the US-China tariff situation, with some customers delaying orders in the second quarter [8]. Project Development - The company is in the ramp-up phase for its functional fabric project and the overseas high-end fabric product line, focusing on resource allocation to achieve production targets [9]. Product Profitability - The profitability of knitted fabric products is strong, with continuous sales growth, while competitive advantages for functional and leisure fabrics need improvement [10].

Financial Performance - The company reported total revenue of 253 million yuan for the first half of 2025, a year-on-year decrease of 7.99% [1] - The net profit attributable to shareholders was 40.96 million yuan, down 3.32% year-on-year [1] - In Q2, total revenue was 130 million yuan, reflecting a 15.54% decline compared to the same quarter last year [1] - Q2 net profit attributable to shareholders was 23.39 million yuan, a decrease of 4.49% year-on-year [1] Profitability Metrics - The company's gross margin increased by 9.2% year-on-year, reaching 32.09% [1] - The net profit margin also saw a year-on-year increase of 4.65%, totaling 16.15% [1] - Total selling, administrative, and financial expenses amounted to 29.53 million yuan, accounting for 11.66% of revenue, which is a 26.18% increase year-on-year [1] - Earnings per share (EPS) was 0.23 yuan, down 4.17% year-on-year [1] Investment Returns - The company's return on invested capital (ROIC) was 1.1% last year, indicating historically weak capital returns [2] - The net profit margin for the previous year was 4.5%, suggesting low added value for products or services [2] - The median ROIC over the past decade was 4.27%, with the worst year being 2024 at 1.1% [2] Business Model and Financial Health - The company's performance is primarily driven by research and development, necessitating a thorough examination of the underlying drivers [2] - The accounts receivable situation is concerning, with accounts receivable to profit ratio reaching 399.8% [2]

Group 1 - The company's total revenue for the first half of 2025 is 1.106 billion, a year-on-year decrease of 21.4% [1] - The net profit attributable to shareholders is 40.28 million, down 74.35% year-on-year [1] - In Q2, total revenue is 503 million, a decline of 32.29% year-on-year, with a net profit of -22.97 million, a decrease of 133.01% [1] Group 2 - The company's accounts receivable is significantly high, with accounts receivable to net profit ratio reaching 660.56% [1][2] - The gross margin is 23.85%, down 21.21% year-on-year, and the net margin is 3.63%, down 67.37% [1] - Total selling, administrative, and financial expenses amount to 201 million, accounting for 18.19% of revenue, an increase of 13.99% year-on-year [1] Group 3 - The company's return on invested capital (ROIC) for the previous year is 2.29%, indicating weak capital returns [2] - The historical median ROIC over the past 10 years is 12.26%, with two years of losses since the company went public [2] - The company's business model relies heavily on marketing, necessitating a deeper analysis of the underlying drivers [2]

Core Viewpoint - Zhaomin Technology (301000) reported mixed financial results for the first half of 2025, with revenue growth but a decline in net profit, indicating potential challenges in profitability despite increased sales [1][3]. Financial Performance - Total revenue for the first half of 2025 reached 380 million yuan, an increase of 11.54% year-on-year [1]. - Net profit attributable to shareholders was 70.89 million yuan, down 8.57% compared to the previous year [1]. - In Q2 2025, total revenue was 190 million yuan, reflecting a 4.04% year-on-year increase, while net profit for the quarter was 34.40 million yuan, a decline of 18.19% [1]. - The gross margin was 34.09%, a decrease of 3.64% year-on-year, and the net margin was 18.92%, down 16.92% [1]. - Total operating expenses (selling, administrative, and financial) amounted to 33.76 million yuan, accounting for 8.89% of revenue, which is an increase of 5.37% year-on-year [1]. Balance Sheet Highlights - Accounts receivable increased significantly, with a year-on-year growth of 39.85%, reaching 262 million yuan [1]. - Cash and cash equivalents decreased by 44.20% year-on-year to 120 million yuan [1]. - The company reported a decrease in interest-bearing liabilities by 37.58%, totaling 2.21 million yuan [1]. Market Position and Analyst Insights - The company's Return on Invested Capital (ROIC) was 12.04% last year, indicating strong capital returns, with a historical median ROIC of 25.26% since its listing [3]. - Analysts expect the company's performance in 2025 to reach 186 million yuan, with an average earnings per share forecast of 0.77 yuan [3]. - The company is under the management of a notable fund manager, Yan Siqian from Penghua Fund, who has recently increased holdings in the company [3][4]. Fund Holdings - The largest fund holding Zhaomin Technology is the Yongying Advanced Manufacturing Mixed Fund, which has increased its position [4]. - Other funds have shown varied movements, with some increasing their holdings while others have reduced their positions [4].

Core Insights - The company reported a significant decline in both revenue and net profit for the first half of 2025, with total revenue at 321 million yuan, down 18.58% year-on-year, and net profit at 59.01 million yuan, down 27.75% year-on-year [1][3] - The company's accounts receivable is notably high, with accounts receivable accounting for 88.48% of the net profit, indicating potential liquidity issues [1][3] Financial Performance - Total revenue for 2025 was 321 million yuan, compared to 395 million yuan in 2024, reflecting an 18.58% decrease [1] - Net profit for 2025 was 59.01 million yuan, down from 81.67 million yuan in 2024, a decline of 27.75% [1] - The gross margin decreased to 20.89%, down 12.45% year-on-year, while the net margin fell to 18.32%, down 11.44% [1] - The company's operating cash flow per share dropped significantly to 0.03 yuan, a decrease of 87.31% compared to 0.26 yuan in the previous year [1] Cost and Efficiency Metrics - Total expenses related to sales, management, and finance amounted to -130.94 thousand yuan, with these expenses accounting for -0.41% of revenue, an increase of 56.79% year-on-year [1] - The company's return on invested capital (ROIC) was reported at 4.51%, indicating weak capital returns, with a historical median ROIC of 13.09% since its listing [3] Asset Management - Cash assets were reported at 122 million yuan, a significant decrease of 65.48% from 353 million yuan in the previous year [1] - Accounts receivable stood at 101 million yuan, down 26.40% from 137 million yuan in 2024 [1]

Core Viewpoint - Hainan Airlines Holding Co., Ltd. plans to acquire 100% equity of Hainan Tianyu Flight Training Co., Ltd. for 799 million yuan, aiming to integrate aviation training into its business model, creating a dual focus on "air passenger transport + aviation training" [1] Group 1: Accounts Receivable and Risk Management - As of the end of 2024, Tianyu Flight Training's accounts receivable will amount to 419 million yuan, representing 79.77% of current assets and 108.83% of revenue, with over 47.77% of the receivables aged over one year [2] - The company states that accounts receivable are concentrated among clients such as Capital Airlines and Tianjin Airlines, with overdue payments primarily due to the delayed recovery of the civil aviation industry and issues related to HNA Group's bankruptcy restructuring [2] - HNA Group has provided a commitment letter to cover overdue receivables from affiliated airlines, which is expected to significantly reduce the provision for bad debts [2] Group 2: Profitability and Valuation - Tianyu Flight Training's net profit from 2021 to 2024 shows significant fluctuations, with figures of 79 million yuan, 9 million yuan, 185 million yuan, and 70 million yuan respectively, and a projected revenue of 385 million yuan in 2024, down 8.55% year-on-year [3] - The company attributes profit volatility to the impact of public health events, one-time effects from bankruptcy restructuring, and the release of pent-up demand in 2023 [3] - The acquisition is valued at 799 million yuan, representing a 34.37% premium over the book net asset value of 595 million yuan, with the premium mainly arising from intangible assets and future income discounting [3] Group 3: Related Transactions and Financial Impact - In 2024, 82.49% of Tianyu Flight Training's revenue will come from HNA Group airlines, with 21.7% from affiliates outside HNA Holdings' consolidation scope [3] - Independent directors have confirmed that training prices align with market fair prices, and the company plans to reduce reliance on related parties through market-based bidding and expanding third-party clients post-acquisition [3] - The acquisition will be funded entirely through self-owned funds and bank credit, without increasing interest-bearing liabilities or affecting daily operational cash flow [3]