华宝股份2025上半年净利润同比大跌87.95%，净利率等三大核心指标创新低

Core Insights - Huabao Co., Ltd. reported a significant decline in its operating performance for the first half of 2025, with revenue of 606 million yuan, a year-on-year decrease of 8.41%, and a net profit of 13 million yuan, down 87.95% year-on-year [1][3] - Key profitability indicators, including net profit margin, gross profit margin, and return on equity, reached new lows, indicating severe challenges to the company's profitability [1][3] Financial Performance - The net profit margin fell sharply from 17.28% in the first half of 2024 to 2.95%, marking six consecutive years of decline [3] - The gross profit margin decreased from 53.93% to 47.78%, while the return on equity dropped to only 0.20%, also reflecting a six-year downward trend [3] Operational Stability - The company faces ongoing pressure from deteriorating profitability, with inventory turnover days at 240.93, showing some improvement compared to the previous year [5] - The net cash flow from operating activities was 80 million yuan, a slight decline of 0.26% year-on-year, indicating weak growth despite remaining positive [5] - As of the first half of 2025, the debt-to-asset ratio was 6.68%, down 1.41 percentage points year-on-year, suggesting low financial leverage and manageable debt risk [5] Institutional Holdings - As of the first half of 2025, only one institutional investor held shares in Huabao Co., a significant decrease from 86 in the same period of 2024, reflecting a notable decline in investor confidence [7] - The company's market capitalization peaked at 49.424 billion yuan on November 29, 2021, but has since fallen to 12.102 billion yuan, requiring a 308.40% increase in stock price to return to its historical high, which poses substantial challenges given the current operational difficulties [7]