银河电子2025年中报简析：净利润减121.21%，三费占比上升明显

Group 1 - The core viewpoint of the news is that Galaxy Electronics (002519) reported significant declines in revenue and net profit for the first half of 2025, indicating financial distress and operational challenges [1][2][3] Group 2 - As of the reporting period, the company's total revenue was 206 million yuan, a year-on-year decrease of 59.73%, and the net profit attributable to shareholders was -28.82 million yuan, a year-on-year decline of 121.21% [1] - In the second quarter, total revenue was 118 million yuan, down 47.96% year-on-year, and the net profit attributable to shareholders was -12.53 million yuan, a decrease of 129.92% [1] - The company's expense ratio increased significantly, with total financial, sales, and management expenses reaching 32.55 million yuan, accounting for 15.81% of total revenue, a year-on-year increase of 159.96% [1] - The gross margin was 20.19%, down 41.08% year-on-year, and the net margin was -14.28%, a decrease of 153.91% [1] - The company has a historical median ROIC of 5.44% over the past decade, indicating weak investment returns, with the worst year being 2018 at -29.52% [2] - The company has experienced two years of losses since its IPO, reflecting a fragile business model [2] - The cash flow situation is a concern, with the average operating cash flow over the past three years being only 19.75% of current liabilities [2] - The accounts receivable and inventory levels are also areas of concern, with inventory reaching 138.43% of revenue [2]