Shanghai Prosolar Resources Development (SH:600193) Zheng Quan Zhi Xing·2025-08-16 23:05Core Viewpoint - *ST Chuangxing reported a significant decline in financial performance for the first half of 2025, with total revenue dropping by 99.0% year-on-year and a net loss of 1371.12 million yuan, indicating severe operational challenges [1]. Financial Performance Summary - Total revenue for the first half of 2025 was 37.4 thousand yuan, down from 37.49 million yuan in 2024, representing a 99.0% decrease [1]. - The net profit attributable to shareholders was -1371.12 thousand yuan, a decline of 98.15% compared to -691.94 thousand yuan in the previous year [1]. - The gross margin fell to -42.45%, a decrease of 207.16% year-on-year, while the net margin plummeted to -3666.21%, down 19765.16% [1]. - The total of financial, sales, and administrative expenses reached 1360.11 thousand yuan, accounting for 3636.78% of total revenue, an increase of 8083.12% year-on-year [1]. Cash Flow and Financial Health - Cash and cash equivalents decreased by 86.71% to 283.88 thousand yuan from 2136.11 thousand yuan [1]. - The company's receivables dropped by 31.84% to 32.5 million yuan [1]. - Interest-bearing liabilities increased by 45.54% to 3027.23 thousand yuan [1]. - The cash flow situation is concerning, with a cash ratio of 1.88% and negative operating cash flow over the past three years [3]. Historical Performance and Investment Return - The company's historical return on invested capital (ROIC) has been weak, with a median of 4.77% over the past decade and a particularly poor ROIC of -79.42% in 2024 [3]. - The company has reported losses in 8 out of 25 annual reports since its listing, indicating a challenging investment profile [3].