天晟新材2025年中报简析：净利润减1157.69%，三费占比上升明显

Financial Performance - The company reported total revenue of 222 million yuan for the first half of 2025, a decrease of 12.16% year-on-year [1] - The net profit attributable to shareholders was -43.70 million yuan, representing a decline of 1157.69% compared to the previous year [1] - The gross margin was 24.5%, showing a slight increase of 0.69% year-on-year, while the net margin dropped to -20.06%, a decrease of 1454.0% [1] - Total expenses (selling, administrative, and financial) accounted for 31.8% of revenue, an increase of 35.12% year-on-year [1] - Earnings per share were -0.13 yuan, a significant decrease of 1155.91% compared to the previous year [1] Cash Flow and Debt Situation - The company's cash flow situation is concerning, with cash and cash equivalents to current liabilities ratio at only 9.15% [3] - The interest-bearing debt ratio has reached 72.52%, indicating a high level of leverage [3] - Financial expenses accounted for 173.04% of the average operating cash flow over the past three years, highlighting financial strain [3] Business Strategy - The company adheres to a core development strategy of "technological innovation" and "market-first," focusing on green and low-carbon principles [4] - It aims to enhance market competitiveness by optimizing the supply chain and developing new materials to meet the demands of high-end manufacturing [4] - The company is committed to driving innovation in the new materials sector, addressing technological gaps in the domestic market [4]