思特奇2025年中报简析：净利润减13.88%，三费占比上升明显

Financial Performance - The company reported total revenue of 180 million yuan for the first half of 2025, a decrease of 24.27% year-on-year [1] - The net profit attributable to shareholders was -88.06 million yuan, down 13.88% compared to the previous year [1] - The gross margin was 15.47%, reflecting a decline of 22.67% year-on-year, while the net margin was -49.74%, a decrease of 50.12% [1] - The total of selling, administrative, and financial expenses reached 107 million yuan, accounting for 59.38% of total revenue, which is an increase of 50.08% year-on-year [1] Cash Flow and Debt - The company reported operating cash flow per share of 0.21 yuan, a significant increase of 3655.35% year-on-year [1] - The cash and cash equivalents decreased to 461 million yuan, down 29.56% from the previous year [1] - The company’s interest-bearing liabilities increased to 765 million yuan, a rise of 2.87% [1] Historical Performance and Investment Return - The company's historical median Return on Invested Capital (ROIC) since its listing is 10.54%, with the worst year being 2024, which recorded an ROIC of -1.28% [3] - The company has reported a negative net profit in one of the seven annual reports since its listing, indicating potential underlying issues [3] - The average cash flow from operating activities over the past three years has been negative, raising concerns about the company's financial health [3]