新诺威2025年中报简析：增收不增利，三费占比上升明显

Core Viewpoint - New Nuo Wei (300765) reported mixed financial results for the first half of 2025, with revenue growth but significant declines in net profit and profitability metrics [1][2]. Financial Performance - Total revenue reached 1.05 billion yuan, a year-on-year increase of 7.99% [1] - Net profit attributable to shareholders was -2.75 million yuan, a year-on-year decrease of 102.0% [1] - In Q2 alone, revenue was 578 million yuan, up 28.99% year-on-year, while net profit was 24.16 million yuan, down 58.33% [1] - Gross margin was 38.15%, down 12.87% year-on-year, and net margin was -17.8%, a decrease of 709.07% [1] - Total expenses (selling, administrative, and financial) amounted to 143 million yuan, accounting for 13.6% of revenue, an increase of 48.57% year-on-year [1] - Earnings per share were -0.0 yuan, a decrease of 102.05% year-on-year [1] Business Model and Historical Performance - The company's business relies heavily on research and marketing efforts, which require careful examination of underlying drivers [2] - Historical data shows a median Return on Invested Capital (ROIC) of 17.35%, with the worst year being 2024 at -6.79% [2] Cash Flow and Receivables - Cash flow metrics indicate a concerning situation, with cash and cash equivalents to current liabilities at only 96.59% and average operating cash flow to current liabilities at 8.37% over the past three years [2] - Accounts receivable have reached 882.29% of profit, suggesting potential liquidity issues [2] Market Position and Fund Holdings - Several funds have made significant changes in their holdings of New Nuo Wei, with notable new entries and reductions in positions among various funds [3]