路畅科技增收不增利，多项财务指标下滑引关注

Core Viewpoint - Luochang Technology (002813) reported a significant increase in total revenue for the first half of 2025, but faced substantial losses in net profit, indicating challenges in profitability despite revenue growth [2][3]. Financial Overview - Total revenue reached 183 million yuan, a year-on-year increase of 35.09%, while net profit attributable to shareholders was -46.51 million yuan, a decline of 86.64% [2]. - In Q2, total revenue was 107 million yuan, up 42.77% year-on-year, but net profit was -26.55 million yuan, a drop of 190.59% [3]. - Key financial indicators showed a decline, reflecting pressure on cost control and profitability [5]. Revenue Composition - The smart cockpit business was the largest contributor, generating 95.49 million yuan, accounting for 52.26% of total revenue with a gross margin of 11.79% [6]. - The slag powder business generated 45.10 million yuan, making up 24.68% of total revenue with a gross margin of 6.19% [6]. - Other segments included smart imaging at 21.42 million yuan (11.72% of total revenue, 8.73% gross margin) and smart connected products at 19.91 million yuan (10.90% of total revenue, 12.36% gross margin) [6]. Cost and Cash Flow - Revenue increased by 35.09% mainly due to higher sales in automotive electronics, while operating costs rose by 53.9% due to increased sales and raw material price hikes [7]. - Selling expenses increased by 28.07% due to higher promotion and market expansion costs [8]. - Net cash flow from operating activities decreased by 192.09%, attributed to increased payments for prior inventory and expenses [8]. Investment and Financing - Net cash flow from investment activities decreased by 26.66%, primarily due to a large cash recovery from investments in the previous period [9]. - Net cash flow from financing activities surged by 36,108.88%, driven by increased borrowings and performance compensation from shareholders [9]. Profitability Metrics - Gross margin was 10.19%, down 51.86% year-on-year, and net margin was -25.45%, a decrease of 38.15% [11]. - The average net profit per share was -0.39 yuan, reflecting an 86.62% decline [11]. - The company has a historical median ROIC of 5.18%, indicating average investment returns, with three years of losses since its listing [13]. Cash Flow and Financial Health - The ratio of cash and cash equivalents to current liabilities was only 35.09%, with a negative average operating cash flow to current liabilities ratio of -8.88% over the past three years [14]. - The company has reported negative net profit attributable to shareholders in its annual reports [14].