“新业务增长点之一”亏损，四方达半年报“遇冷”，三管齐下能否扭转颓势？

Core Insights - The company Sifangda (300179.SZ) reported a slight decline in revenue and a significant drop in net profit for the first half of 2025, with revenue decreasing by 1.06% to 261 million yuan and net profit down 15.47% to 53.218 million yuan [1][2] - The company's cash flow from operating activities turned negative, dropping by 588.46% to -37.587 million yuan, primarily due to early payments related to supply chain financial services [2][5] - The company is facing challenges with its subsidiary, Henan Tianxuan Semiconductor Technology Co., which reported a loss exceeding 50 million yuan in the first half of 2025 [1][5] Financial Performance - Revenue for the first half of 2025 was 261 million yuan, a decrease from 263.3 million yuan in the same period last year, attributed mainly to reduced domestic sales [2][3] - Net profit attributable to shareholders was 53.218 million yuan, a decline of 15.47%, with a non-recurring profit of 37.962 million yuan, reflecting a 34.16% drop [2][3] - Cash flow from operating activities was -37.587 million yuan, a significant decrease from 7.695 million yuan in the previous year [2][3] Product and Regional Performance - Revenue from resource extraction and engineering construction products was stable at 157 million yuan, down 0.50%, with a gross margin of 59.71% [3] - Precision processing products saw revenue decline by 13.68% to 78.689 million yuan, but gross margin increased by 2.85% to 37.92% [3] - Domestic market revenue fell by 6.32% to 142 million yuan, while foreign market revenue increased by 5.18% to 119 million yuan [3] Subsidiary Performance - Henan Tianxuan reported revenue of 9.9046 million yuan and a net loss of 50.724 million yuan in the first half of 2025, with losses expanding compared to previous years [5][6] - The company has increased long-term borrowings to 248 million yuan, accounting for 11.99% of total assets, primarily due to loans taken by Henan Tianxuan [5][6] - To support Henan Tianxuan, Sifangda approved financial assistance of up to 200 million yuan, with interest rates based on the LPR [5][6] Management Changes - The board of directors experienced personnel changes, with several directors resigning for personal reasons and new members being nominated [4][5] - Notable resignations included non-independent directors Fang Chunfeng and Yan Xiaoping, as well as independent director Shan Chongxin [4]