丝路视觉2025上半年连续4年中报亏损：资产负债率升至67.91%

Core Viewpoint - Silk Road Vision reported a decline in revenue but a narrowing of losses in the first half of 2025, continuing a trend of losses for four consecutive years, indicating ongoing profitability pressure [1]. Financial Performance - The net profit margin improved from -37.48% in the first half of 2024 to -29.47% in 2025, while the gross profit margin increased from 2.80% to 12.00%. However, the return on equity decreased to -14.61%, down 2.47 percentage points year-on-year [3]. Operational Stability - The company faced challenges with inventory turnover efficiency, with inventory turnover days increasing by 19.29% to 53.63 days compared to the first half of 2024. The net cash flow from operating activities improved to -0.27 billion from -1.87 billion in the same period last year. The debt-to-asset ratio rose to 67.91%, an increase of 11.15 percentage points year-on-year, indicating a heavier debt burden [5]. Institutional Holdings - As of the first half of 2025, the number of institutions holding Silk Road Vision's stock decreased to 2 from 28 in the same period of 2024, reflecting a decline in investor confidence. The company's market capitalization peaked at 96.20 billion in December 2016, and the current market cap of 26.50 billion would require a 262.99% increase in stock price to reach that historical high, while still being in a loss position [7].