铭普光磁2025年中报简析：营收上升亏损收窄

Core Viewpoint - Mingpu Optoelectronics (002902) reported an increase in revenue and a reduction in losses for the first half of 2025, indicating a slight improvement in financial performance despite ongoing challenges [1] Financial Performance Summary - Total operating revenue reached 806 million yuan, a year-on-year increase of 0.84% [1] - Net profit attributable to shareholders was -73.04 million yuan, showing a year-on-year improvement of 7.78% [1] - In Q2 2025, operating revenue was 447 million yuan, up 12.6% year-on-year, while net profit attributable to shareholders was -26.07 million yuan, an increase of 53.79% year-on-year [1] Key Financial Metrics - Gross margin was 12.25%, a decrease of 4.5% year-on-year [1] - Net margin was -9.62%, an improvement of 7.26% year-on-year [1] - Total selling, administrative, and financial expenses amounted to 125 million yuan, accounting for 15.48% of revenue, an increase of 5.39% year-on-year [1] - Earnings per share were -0.31 yuan, an increase of 11.43% year-on-year [1] - Operating cash flow per share was -0.16 yuan, a significant improvement of 54.52% year-on-year [1] Cash Flow and Debt Analysis - Cash and cash equivalents increased by 10.21% to 344 million yuan [1] - Accounts receivable decreased by 2.75% to 545 million yuan [1] - Interest-bearing debt rose by 9.76% to 785 million yuan [1] - The net cash flow from operating activities increased by 54.52%, attributed to a reduction in cash paid for goods and services [3] - The net cash flow from investing activities surged by 102.59%, due to an increase in cash received related to investment activities [3] - The net cash flow from financing activities decreased by 80.17%, due to a reduction in cash received from investment [3] Historical Performance Insights - The company's historical return on invested capital (ROIC) has been generally low, with a median ROIC of 5.61% since its listing [3] - The worst year for ROIC was 2024, with a value of -18.18%, indicating poor investment returns [3] - The company has reported losses in three out of its seven annual reports since going public, suggesting a fragile business model [3] Financial Health Indicators - The ratio of cash and cash equivalents to current liabilities is only 36.07%, indicating potential liquidity concerns [4] - The average operating cash flow over the past three years has been negative, raising concerns about the company's ability to meet its obligations [4] - The interest-bearing debt ratio has reached 27.34%, highlighting the company's reliance on debt financing [4]