振华新材2025年中报简析：净利润减7.1%

Financial Performance - The company reported a total revenue of 713 million yuan for the first half of 2025, a decrease of 26.69% compared to the same period in 2024 [1] - The net profit attributable to shareholders was -217 million yuan, reflecting a decline of 7.1% year-on-year [1] - In Q2 2025, the total revenue was 441 million yuan, showing an increase of 31.31% year-on-year, while the net profit attributable to shareholders was -120 million yuan, down 80.7% year-on-year [1] Profitability Metrics - The gross margin was -14.62%, a decrease of 41.42% year-on-year [1] - The net margin stood at -30.5%, down 46.09% compared to the previous year [1] - The total of selling, administrative, and financial expenses reached 56.11 million yuan, accounting for 7.87% of revenue, which is an increase of 42.05% year-on-year [1] Shareholder Metrics - The net asset value per share was 8.26 yuan, a decrease of 11.42% year-on-year [1] - The earnings per share were -0.43 yuan, reflecting a decline of 4.88% year-on-year [1] - The operating cash flow per share was -0.07 yuan, an increase of 97.3% year-on-year [1] Debt and Investment Returns - The company had interest-bearing liabilities of 2.254 billion yuan, an increase of 9.23% year-on-year [1] - The historical median Return on Invested Capital (ROIC) since listing is 4.52%, indicating average investment returns [3] - The worst year for ROIC was 2024, which recorded -7.86%, highlighting poor investment returns [3] Overall Business Evaluation - The company's business model appears fragile, with three years of losses since its listing and a generally weak financial history [3] - The cash assets are reported to be healthy, but the interest-bearing debt ratio has reached 31.02% [3]