SMS(SZ:002857) Xi Niu Cai Jing·2025-08-19 08:44Core Viewpoint - Sanhui Electric reported a significant increase in revenue for the first half of 2025, but the net profit loss has also widened, raising concerns about the company's financial health and operational efficiency [1][5]. Financial Performance - The company achieved a revenue of 146.57 million yuan in the first half of 2025, representing a year-on-year growth of 41.64% [2][4]. - The net profit attributable to shareholders was a loss of 16.31 million yuan, which is a 4.37% increase in loss compared to the same period last year [1][2]. - The net cash flow from operating activities deteriorated to -91.68 million yuan, a 64.12% increase in cash outflow compared to -55.86 million yuan in the previous year [5]. Business Segmentation - Revenue from energy storage equipment surged to 83.42 million yuan, accounting for 57.27% of total revenue, a dramatic increase of 237.12% year-on-year [3][4]. - Revenue from high-margin energy metering products declined by 12.25% to 56.45 million yuan, reducing its share to 38.75% of total revenue [3][4]. - The gross margin for energy storage equipment was only 3.6%, down 19 percentage points, significantly lower than the 29.22% gross margin for energy metering products, contributing to ongoing losses [3][4]. Strategic Initiatives - In response to growth challenges in traditional business areas, Sanhui Electric is accelerating its entry into the embodied intelligence sector, establishing a subsidiary and launching products like therapy and moxibustion robots [5]. - The company signed its first framework contract to sell at least 800 commercial and household robots from 2025 to 2027, although the current revenue contribution from these new initiatives is minimal [5].