海能达2025上半年净利润下滑42.37%，存货周转天数增长88.94%

Core Viewpoint - The company, HaiNengDa, reported a decline in both revenue and net profit for the first half of 2025, indicating challenges in its operational performance [1]. Financial Performance - The company achieved a revenue of 2.259 billion yuan, a year-on-year decrease of 17.5% [1]. - The net profit attributable to shareholders was 94 million yuan, down 42.37% year-on-year [1]. - The net profit margin fell from 5.20% in the first half of 2024 to 3.74%, a decrease of 1.46 percentage points [3]. - The gross profit margin increased from 45.83% to 51.01%, an increase of 5.18 percentage points [3]. Operational Efficiency - The inventory turnover days increased to 303.23 days, up 88.94% compared to the first half of 2024, indicating increased inventory management pressure [6]. - The net cash flow from operating activities improved to 239 million yuan, compared to 38 million yuan in the same period of 2024 [6]. - The debt-to-asset ratio for the first half of 2025 was 77.52%, an increase of 30.98 percentage points year-on-year, indicating a significant rise in financial leverage [6]. Institutional Holdings - As of the first half of 2025, the number of institutions holding HaiNengDa's stock decreased to 6, down from 112 in the same period of 2024, reflecting weakened confidence among institutional investors [8]. - The company's market capitalization peaked at 56.401 billion yuan on November 1, 2024, while the current market cap stands at 22.005 billion yuan, requiring a 156.31% increase in stock price to reach its historical high [8]. - Despite the challenges, the company maintains its technological advantages and market position in the professional wireless communication sector [8].