岳阳兴长2025上半年营收下滑19.17%，归母净利润亏损0.29亿元

Core Viewpoint - Yueyang Xingchang's financial performance in the first half of 2025 showed significant decline, with a notable drop in revenue and net profit, indicating challenges in the oil and petrochemical industry [1][3]. Financial Performance - The company reported a revenue of 1.529 billion yuan, a year-on-year decrease of 19.17% [1]. - The net profit attributable to shareholders was -29 million yuan, down 155.58% year-on-year [1]. - In Q2 2025, the net profit attributable to shareholders was -43 million yuan, reflecting a quarter-on-quarter change of -416.66% [1]. Profitability Indicators - The net profit margin fell from 2.59% in the first half of 2024 to -1.98%, a decrease of 4.57 percentage points [3]. - The gross profit margin decreased from 17.45% to 16.04% [3]. - The return on equity was -1.38%, down 3.89 percentage points year-on-year [3]. Operational Efficiency - Inventory turnover days increased to 28.64 days, up 17.02% compared to the first half of 2024, indicating weakened inventory management [5]. - The net cash flow from operating activities was -104 million yuan, a shift from a positive 54 million yuan in the same period of 2024, showing deteriorating cash flow [5]. - The asset-liability ratio for the first half of 2025 was 30.32%, an increase of 9.07 percentage points year-on-year, suggesting higher financial leverage [5]. Institutional Holdings - As of the first half of 2025, the number of institutions holding Yueyang Xingchang's stock decreased to 5, down from 28 in the same period of 2024, indicating reduced confidence among institutional investors [7]. - The company's market capitalization peaked at 15.693 billion yuan on May 27, 2015, while the current market cap is 6.167 billion yuan, requiring a 154.48% increase in stock price to reach historical highs [7].