豪尔赛2025年中报简析：净利润减538.56%，三费占比上升明显

Financial Performance - The company reported a total revenue of 158 million yuan for the first half of 2025, a decrease of 46.6% year-on-year [1] - The net profit attributable to shareholders was -33.71 million yuan, reflecting a decline of 538.56% compared to the previous year [1] - The gross margin was 23.47%, down 21.36% year-on-year, while the net margin was -21.4%, a significant drop of 936.81% [1] - The total of selling, administrative, and financial expenses reached 48.32 million yuan, accounting for 30.57% of total revenue, an increase of 62.08% year-on-year [1] Cash Flow and Debt - The operating cash flow per share was -0.18 yuan, a decrease of 4524.29% year-on-year, indicating severe cash flow issues [1][3] - The company experienced a 341.35% decrease in income tax expenses due to negative net profit [3] - The net cash flow from operating activities dropped by 4524.29%, attributed to tight cash flow from downstream clients [3] Investment and Return Metrics - The company's historical median Return on Invested Capital (ROIC) since its listing is 3.52%, with the worst year being 2024 at -12.16% [3] - The company has recorded two years of losses since its listing, indicating a fragile business model [3] Financial Health Indicators - The company’s cash assets are reported to be healthy, but the average operating cash flow over the past three years is -20.99% of current liabilities [4] - There is a recommendation to monitor the financial expenses, as the average net cash flow from operating activities over the past three years has been negative [4]