路畅科技2025年中报简析：增收不增利

Core Viewpoint - Luochang Technology (002813) reported a significant increase in revenue but a substantial decline in net profit for the first half of 2025, indicating challenges in profitability despite revenue growth [1] Financial Performance Summary - Total revenue reached 183 million yuan, a year-on-year increase of 35.09% [1] - Net profit attributable to shareholders was -46.51 million yuan, a year-on-year decrease of 86.64% [1] - Gross margin was 10.19%, down 51.86% year-on-year [1] - Net margin was -25.45%, a decline of 38.15% compared to the previous year [1] - Operating cash flow per share was -0.41 yuan, a decrease of 192.09% year-on-year [1] Key Financial Metrics - Revenue growth driven by increased sales in automotive electronics [6] - Operating costs rose by 53.9% due to higher costs associated with increased sales and raw material price hikes [6] - Total liabilities increased significantly, with interest-bearing debt rising by 120.26% to 533.66 million yuan [1][6] Changes in Financial Items - Accounts receivable increased by 45.54% to 66.36 million yuan, indicating higher sales but also potential collection issues [1][3] - Inventory rose by 23.45%, attributed to an increase in orders [3][4] - Short-term borrowings increased by 63.5%, reflecting a need for additional financing [3][6] Operational Insights - The company has faced challenges with cash flow, as indicated by a negative operating cash flow and a low cash position relative to current liabilities [8] - The company has a history of weak investment returns, with a median ROIC of 5.18% since its listing [7]