金银河2025年中报：业绩下滑，现金流改善，需关注债务风险

Overview of Business Performance - The company reported total revenue of 660 million yuan for the first half of 2025, a year-on-year decrease of 17.7% [1] - The net profit attributable to shareholders was -42.165 million yuan, a year-on-year decline of 224.23% [1] - The net profit excluding non-recurring items was -43.9754 million yuan, down 120.11% year-on-year [1] - Despite the overall poor performance, the second quarter showed improvement with total revenue of 512 million yuan, up 12.68% year-on-year [1] - The net profit for the second quarter was 23.9256 million yuan, an increase of 1354.31% year-on-year [1] - The net profit excluding non-recurring items for the second quarter was 23.0895 million yuan, up 674.42% year-on-year [1] Key Financial Indicators - Gross margin was 17.68%, an increase of 1.74 percentage points year-on-year [4] - Net margin was -7.17%, a decrease of 214.12 percentage points year-on-year [4] - Operating expenses accounted for 16.81% of revenue, an increase of 23.92 percentage points year-on-year [4] - Earnings per share was -0.24 yuan, down 224.36% year-on-year [4] - Cash flow from operating activities per share was -0.22 yuan, an increase of 92.5% year-on-year [4] Asset and Liability Situation - Cash and cash equivalents amounted to 465 million yuan, a decrease of 32.16% year-on-year [4] - Accounts receivable stood at 1.035 billion yuan, a decrease of 3.87%, accounting for 68.58% of total revenue [4] - Interest-bearing liabilities were 1.748 billion yuan, an increase of 7.39% year-on-year [4] - The ratio of cash and cash equivalents to current liabilities was only 26.28%, indicating potential cash flow concerns [4] - The interest-bearing asset-liability ratio was 38.98%, with a negative average cash flow from operating activities over the past three years, highlighting debt risk [4]