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赫美集团2025年中报简析:营收上升亏损收窄

Core Viewpoint - Hemei Group (002356) reported significant revenue growth and a reduction in losses for the first half of 2025, driven by the addition of a new energy sector business [1][3]. Financial Performance - Total revenue for the first half of 2025 reached 317 million yuan, a year-on-year increase of 375.31% compared to 66.79 million yuan in the same period of 2024 [1]. - The net profit attributable to shareholders was -10 million yuan, showing a 53.93% improvement from -21.71 million yuan in the previous year [1]. - In Q2 2025, total revenue was 146 million yuan, up 387.44% year-on-year, while the net profit attributable to shareholders was -4.37 million yuan, an increase of 72.96% from the previous year [1]. Cost and Profitability Metrics - Gross margin decreased to 13.13%, down 68.31% year-on-year, while net margin improved to -3.5%, a 90.15% increase from -35.55% in the previous year [1]. - Total selling, administrative, and financial expenses amounted to 57.91 million yuan, accounting for 18.24% of revenue, a significant decrease of 72.58% year-on-year [1]. Cash Flow and Assets - Operating cash flow per share was 0.03 yuan, a substantial increase of 428.14% year-on-year, indicating improved cash generation [1]. - The company’s cash and cash equivalents decreased by 15.50% to 348 million yuan, while accounts receivable increased by 104.86% to 40.76 million yuan [1][3]. Business Developments - The increase in revenue and costs is attributed to the new energy sector business, which has significantly impacted the company's financials [3]. - The company has seen a notable increase in cash flow due to improved sales collections and a reduction in accounts receivable [3]. Historical Context - The company has a poor historical return on invested capital (ROIC), with a median of -9.33% over the past decade, indicating low profitability [4]. - The company has reported losses in six out of fourteen annual reports since its listing, suggesting a challenging financial history [4].