Core Viewpoint - The recent financial report of Korys (301314) indicates a mixed performance with a revenue increase but a significant decline in net profit, highlighting rising operational costs and challenges in profitability [1]. Financial Performance - Total revenue for the first half of 2025 reached 84.665 million yuan, a year-on-year increase of 6.11% compared to 79.791 million yuan in 2024 [1]. - Net profit attributable to shareholders was 6.1108 million yuan, down 46.4% from 11.4014 million yuan in the previous year [1]. - The second quarter showed a revenue of 49.0367 million yuan, up 10.86% year-on-year, with a slight net profit increase of 0.62% [1]. Cost Structure - The total of financial, sales, and management expenses increased significantly, accounting for 12.41% of total revenue, which is an 82.17% increase year-on-year [1]. - The gross margin was 23.82%, a decrease of 0.53% compared to the previous year, while the net margin fell sharply to 7.71%, down 49.65% [1]. Key Financial Ratios - Return on Invested Capital (ROIC) for the previous year was 0.49%, indicating weak capital returns, with a historical median ROIC of 29.99% since the company went public [1]. - The company’s earnings per share (EPS) dropped to 0.11 yuan, a decrease of 47.62% from 0.21 yuan [1]. - Operating cash flow per share fell dramatically by 91.65% to 0.03 yuan [1]. Debt and Asset Management - The company maintains a healthy cash asset position, with cash and cash equivalents reported at 93.5902 million yuan, a decrease of 70.17% from the previous year [2]. - Accounts receivable reached 92.1148 million yuan, down 5.79% year-on-year, but the accounts receivable to profit ratio is concerning at 514.66% [3]. Business Model - The company’s performance is primarily driven by research and development, necessitating a thorough examination of the underlying factors supporting this growth model [2].

Core Viewpoint - MinDe Electronics reported a decline in total revenue for the first half of 2025, while achieving a significant increase in net profit compared to the previous year, indicating a mixed financial performance [1]. Financial Performance Summary - Total revenue for the first half of 2025 was 130 million yuan, a decrease of 19.17% year-on-year [1]. - Net profit attributable to shareholders reached 10.32 million yuan, an increase of 233.92% year-on-year [1]. - In Q2 2025, total revenue was 76.10 million yuan, down 20.1% year-on-year, with a net profit of -23.15 million yuan, a decline of 192.76% [1]. - Gross margin improved to 36.48%, up 2.4% year-on-year, while net margin fell to -23.75%, down 328.03% year-on-year [1]. - Total expenses (selling, administrative, and financial) amounted to 50.81 million yuan, accounting for 39.06% of total revenue, an increase of 127.81% year-on-year [1]. Key Financial Ratios - Earnings per share (EPS) increased to 0.06 yuan, a rise of 235.04% year-on-year [1]. - Net asset value per share decreased to 5.85 yuan, down 10.85% year-on-year [1]. - Operating cash flow per share was -0.18 yuan, a decrease of 250.37% year-on-year [1]. Business Evaluation - The company's historical median Return on Invested Capital (ROIC) is 12.3%, with the worst year being 2024 at -6.59% [2]. - The business model relies heavily on capital expenditures, necessitating scrutiny of the effectiveness and necessity of these investments [2]. Cash Flow and Debt Analysis - The cash flow situation is concerning, with cash and cash equivalents covering only 11.21% of current liabilities [2]. - The interest-bearing debt ratio has reached 36.78%, indicating a significant level of financial leverage [2].

Financial Performance - The company reported a total revenue of 155 million yuan for the first half of 2025, a year-on-year decrease of 39.52% [1] - The net profit attributable to shareholders was -9.27 million yuan, representing a year-on-year decline of 235.26% [1] - In Q2 2025, the revenue was 64.78 million yuan, down 37.86% year-on-year, with a net profit of -10.53 million yuan, a decrease of 75.05% [1] - The gross margin improved to 30.3%, an increase of 13.9% year-on-year, while the net margin fell to -5.98%, a decrease of 323.67% [1] - Total expenses (selling, administrative, and financial) reached 53.35 million yuan, accounting for 34.43% of total revenue, an increase of 85.19% year-on-year [1] Cash Flow and Assets - The company reported cash and cash equivalents of 15.2 million yuan, a significant increase of 91.96% year-on-year [1] - Accounts receivable decreased to 33.12 million yuan, down 13.31% year-on-year [1] - Interest-bearing debt was 144 million yuan, a slight decrease of 3.96% year-on-year [1] - The operating cash flow per share was -0.03 yuan, an improvement of 77% year-on-year [1] Investment Metrics - The company's return on invested capital (ROIC) was 1.81% last year, indicating weak capital returns [3] - The historical median ROIC over the past decade was 0.73%, with a particularly poor performance in 2022 at -22.5% [3] - The net profit margin last year was 4.43%, suggesting low added value in products or services [3] Shareholder Information - The largest fund holding in the company is the NuAn Multi-Strategy Mixed A fund, which holds 2.1463 million shares and has increased its position [3] - The fund's current scale is 1.399 billion yuan, with a recent net value of 3.103, down 3.48% from the previous trading day, but up 127.83% over the past year [3]