On August 20, Servyou Software Group Co.,Ltd. released its 2025 interim report. The report shows that the company's operating revenue for the first half of 2025 was 922 million yuan, a year-over-year increase of 13.25%; net profit attributable to shareholders was 71.01 million yuan, a year-over-year decrease of 19.52%; non-GAAP net profit attributable to shareholders was 62.09 million yuan, a year-over-year decrease of 25.09%; basic earnings per share was 0.17 yuan per share. Since its listing in June 2021, the company has distributed cash dividends 4 times, with cumulative cash dividends totaling 366 million yuan.
The listed company financial report eagle eye warning system conducts intelligent quantitative analysis of Servyou Software Group's 2025 interim report from four major dimensions: performance quality, profitability, capital pressure and safety, and operational efficiency.
**I. Performance Quality Aspect**
During the reporting period, the company's revenue was 922 million yuan, a year-over-year increase of 13.25%; net profit was 71.12 million yuan, a year-over-year decrease of 19.43%; net cash flow from operating activities was -322 million yuan, a year-over-year decrease of 13.53%.
From an overall performance perspective, key concerns include:
• **Continuous decline in net profit attributable to shareholders growth rate.** In the recent three interim reports, the year-over-year changes in net profit attributable to shareholders were 11.63%, 0.86%, and -19.52% respectively, showing a continuous declining trend.
| Period | 2023H1 | 2024H1 | 2025H1 | |--------|---------|---------|---------| | Net profit attributable to shareholders (million yuan) | 87.49 | 88.24 | 71.01 | | Growth rate | 11.63% | 0.86% | -19.52% |
• **Continuous decline in non-GAAP net profit attributable to shareholders growth rate.** In the recent three interim reports, the year-over-year changes in non-GAAP net profit attributable to shareholders were 28.78%, 17.81%, and -25.09% respectively, showing a continuous declining trend.
| Period | 2023H1 | 2024H1 | 2025H1 | |--------|---------|---------|---------| | Non-GAAP net profit attributable to shareholders (million yuan) | 70.35 | 82.88 | 62.09 | | Growth rate | 28.78% | 17.81% | -25.09% |
• **Divergence between operating revenue and net profit changes.** During the reporting period, operating revenue increased by 13.25% year-over-year, while net profit decreased by 19.43% year-over-year, showing a divergence between operating revenue and net profit changes.
| Period | 2023H1 | 2024H1 | 2025H1 | |--------|---------|---------|---------| | Operating revenue (million yuan) | 758 | 814 | 922 | | Net profit (million yuan) | 86.96 | 88.27 | 71.12 | | Operating revenue growth rate | 10.46% | 7.45% | 13.25% | | Net profit growth rate | 11.08% | 1.5% | -19.43% |
From the perspective of operating asset quality, key concerns include:
• **Accounts receivable growth rate higher than operating revenue growth rate.** During the reporting period, accounts receivable increased by 54.8% compared to the beginning of the period, while operating revenue increased by 13.25% year-over-year, with accounts receivable growth rate exceeding operating revenue growth rate.
| Period | 2023H1 | 2024H1 | 2025H1 | |--------|---------|---------|---------| | Operating revenue growth rate | 10.46% | 7.45% | 13.25% | | Accounts receivable growth rate from beginning of period | 79.21% | 45.48% | 54.8% |
From the perspective of cash flow quality, key concerns include:
• **Divergence between operating revenue and net cash flow from operating activities changes.** During the reporting period, operating revenue increased by 13.25% year-over-year, while net cash flow from operating activities decreased by 13.53% year-over-year, showing a divergence between operating revenue and net cash flow from operating activities changes.
| Period | 2023H1 | 2024H1 | 2025H1 | |--------|---------|---------|---------| | Operating revenue (million yuan) | 758 | 814 | 922 | | Net cash flow from operating activities (million yuan) | -316 | -284 | -322 | | Operating revenue growth rate | 10.46% | 7.45% | 13.25% | | Net cash flow from operating activities growth rate | 6.61% | 10.25% | -13.53% |
• **Net cash flow from operating activities continuously negative.** During the reporting period, net cash flow from operating activities was -320 million yuan, remaining negative for three consecutive years.
| Period | 2023H1 | 2024H1 | 2025H1 | |--------|---------|---------|---------| | Net cash flow from operating activities (million yuan) | -316 | -284 | -322 |
• **Divergence between net profit and net cash flow from operating activities.** During the reporting period, net profit was 70 million yuan while net cash flow from operating activities was -320 million yuan, showing a divergence between net profit and net cash flow from operating activities.
| Period | 2023H1 | 2024H1 | 2025H1 | |--------|---------|---------|---------| | Net cash flow from operating activities (million yuan) | -316 | -284 | -322 | | Net profit (million yuan) | 86.96 | 88.27 | 71.12 |
• **Net cash flow from operating activities/net profit ratio below 1.** During the reporting period, the net cash flow from operating activities/net profit ratio was -4.533, below 1, indicating weak earnings quality.
| Period | 2023H1 | 2024H1 | 2025H1 | |--------|---------|---------|---------| | Net cash flow from operating activities (million yuan) | -316 | -284 | -322 | | Net profit (million yuan) | 86.96 | 88.27 | 71.12 | | Net cash flow from operating activities/net profit | -3.64 | -3.22 | -4.53 |
**II. Profitability Aspect**
During the reporting period, the company's gross margin was 59.06%, a year-over-year decrease of 3.36%; net margin was 7.71%, a year-over-year decrease of 28.86%; weighted average return on equity was 2.82%, a year-over-year decrease of 21.01%.
From the perspective of operational returns, key concerns include:
• **Continuous decline in sales gross margin.** In the recent three interim reports, sales gross margins were 62.96%, 61.11%, and 59.06% respectively, showing a continuous declining trend.
| Period | 2023H1 | 2024H1 | 2025H1 | |--------|---------|---------|---------| | Sales gross margin | 62.96% | 61.11% | 59.06% | | Sales gross margin growth rate | 1.83% | -2.94% | -3.36% |
• **Continuous decline in sales net margin.** In the recent three interim reports, sales net margins were 11.47%, 10.84%, and 7.71% respectively, showing a continuous declining trend.
| Period | 2023H1 | 2024H1 | 2025H1 | |--------|---------|---------|---------| | Sales net margin | 11.47% | 10.84% | 7.71% | | Sales net margin growth rate | 0.55% | -5.53% | -28.86% |
From the perspective of asset returns, key concerns include:
• **Significant decline in return on equity.** During the reporting period, the weighted average return on equity was 2.82%, a significant year-over-year decrease of 21.01%.
| Period | 2023H1 | 2024H1 | 2025H1 | |--------|---------|---------|---------| | Return on equity | 3.53% | 3.57% | 2.82% | | Return on equity growth rate | 10.31% | 1.13% | -21.01% |
**III. Capital Pressure and Safety Aspect**
During the reporting period, the company's asset-liability ratio was 38.8%, a year-over-year increase of 19.03%; current ratio was 1.42, quick ratio was 1.29; total debt was 414 million yuan, of which short-term debt was 414 million yuan, with short-term debt accounting for 100% of total debt.
From a capital management perspective, key concerns include:
• **Continuous increase in prepaid expenses/current assets ratio.** In the recent three interim reports, the prepaid expenses/current assets ratios were 0.24%, 0.27%, and 0.53% respectively, showing continuous growth.
| Period | 2023H1 | 2024H1 | 2025H1 | |--------|---------|---------|---------| | Prepaid expenses (million yuan) | 6.09 | 5.94 | 11.28 | | Current assets (million yuan) | 2,539 | 2,204 | 2,127 | | Prepaid expenses/current assets | 0.24% | 0.27% | 0.53% |
From the perspective of capital coordination, key concerns include:
• **Capital expenditure continuously higher than net cash inflow from operating activities.** In the recent three interim reports, cash paid for purchases and construction of fixed assets, intangible assets and other long-term assets were 80 million yuan, 70 million yuan, and 100 million yuan respectively, while the company's net cash flow from operating activities were -320 million yuan, -280 million yuan, and -320 million yuan respectively.
| Period | 2023H1 | 2024H1 | 2025H1 | |--------|---------|---------|---------| | Capital expenditure (million yuan) | 81.96 | 68.24 | 98.09 | | Net cash flow from operating activities (million yuan) | -316 | -284 | -322 |
**IV. Operational Efficiency Aspect**
During the reporting period, the company's accounts receivable turnover ratio was 4.19, a year-over-year increase of 7.51%; inventory turnover ratio was 2.11, a year-over-year increase of 49.16%; total asset turnover ratio was 0.22, a year-over-year increase of 3.43%.
From the perspective of long-term assets, key concerns include:
• **High proportion of other non-current assets.** During the reporting period, the other non-current assets/total assets ratio was 11.29%.
| Period | 2023H1 | 2024H1 | 2025H1 | |--------|---------|---------|---------| | Other non-current assets (million yuan) | 54.04 | 54.04 | 459 | | Total assets (million yuan) | 3,869 | 3,656 | 4,071 | | Other non-current assets/total assets | 1.4% | 1.48% | 11.29% |
From the perspective of three expenses, key concerns include:
• **Sales expense growth rate exceeding 20%.** During the reporting period, sales expenses were 150 million yuan, a year-over-year increase of 28.38%.
| Period | 2023H1 | 2024H1 | 2025H1 | |--------|---------|---------|---------| | Sales expenses (million yuan) | 119 | 121 | 155 | | Sales expense growth rate | 21.6% | 1.62% | 28.38% |
**Eagle Eye Warning System Introduction:** The listed company financial report eagle eye warning system is an intelligent professional analysis system for listed company financial reports. The eagle eye warning system gathers a large number of authoritative financial experts from accounting firms and listed companies, tracking and interpreting the latest financial reports of listed companies from multiple dimensions including company performance growth, earnings quality, capital pressure and safety, and operational efficiency, and presents possible financial risk points in graphic form. It provides professional, efficient, and convenient technical solutions for financial institutions, listed companies, regulatory departments, and others to identify and warn of listed company financial risks.
**Disclaimer:** The content of this article is for reference only and does not constitute any investment advice.
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