银河电子2025年中报：业绩下滑显著，费用占比大幅提升

Overview of Business Performance - The company reported a significant decline in performance for the first half of 2025, with total operating revenue of 206 million yuan, a year-on-year decrease of 59.73% [1][4] - The net profit attributable to shareholders was -28.82 million yuan, down 121.21% year-on-year, while the net profit excluding non-recurring items was -36.06 million yuan, a decline of 164.91% [1][4] Financial Indicators Analysis - The company's operating revenue and operating costs decreased by 59.73% and 51.1% respectively, primarily due to a reduction in the intelligent electromechanical business [3] - Financial expenses increased significantly by 97.37%, mainly due to a decrease in interest income [3][6] - Research and development investment also saw a reduction of 63.31%, influenced by the decline in the intelligent electromechanical business [3] Key Financial Metrics - Gross margin was 20.19%, a decrease of 41.08% year-on-year, while the net margin was -14.28%, down 153.91% [6] - The ratio of operating expenses to revenue increased by 159.96% to 15.81% [6] - Total sales, administrative, and financial expenses amounted to 32.55 million yuan [6] Development Review and Outlook - The company focuses on new energy, artificial intelligence, and intelligent electromechanical businesses [4] - Total assets were reported at 3.35 billion yuan, with total liabilities of 1.04 billion yuan, resulting in a debt-to-asset ratio of 31.17% [4] Financial Health Status - Despite healthy cash assets, the company has a low average operating cash flow to current liabilities ratio of 19.75% over the past three years [5] - The accounts receivable situation is concerning, with the net profit attributable to shareholders being negative [7] - Inventory levels have reached 138.43% of revenue, indicating potential liquidity issues [7]