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*ST立航2025年中报简析:净利润同比下降83.72%,三费占比上升明显

Core Viewpoint - *ST Lihang (603261) reported significant declines in revenue and net profit for the first half of 2025, indicating severe financial distress and operational challenges [1][2]. Financial Performance Summary - Total revenue for the first half of 2025 was 54.34 million yuan, a decrease of 49.72% compared to 108 million yuan in the same period of 2024 [1]. - The net profit attributable to shareholders was -44.57 million yuan, down 83.72% from -24.26 million yuan year-on-year [1]. - The gross margin plummeted to -60.92%, a decrease of 747.95% from 9.40% in the previous year [1]. - The net margin also worsened to -82.23%, a decline of 266.38% from -22.44% [1]. - The total of financial, sales, and administrative expenses reached 22.57 million yuan, accounting for 41.53% of total revenue, an increase of 64.27% year-on-year [1]. Cash Flow and Financial Health - Cash and cash equivalents decreased by 35.69% to 63.37 million yuan, attributed to payments for material purchases and construction [1]. - The company’s operating cash flow per share was -0.54 yuan, an increase of 37.99% year-on-year, indicating improved cash inflow from sales despite overall losses [1]. - The company’s total interest-bearing debt rose by 20.93% to 96.42 million yuan, reflecting increased financial leverage [1]. Business Model and Investment Returns - The company's historical median Return on Invested Capital (ROIC) stands at 16.44%, but the ROIC for the worst year, 2024, was -10.58%, indicating a fragile business model [2]. - The company has experienced two years of losses since its listing, suggesting vulnerabilities in its business operations [2]. - The reliance on capital expenditures for driving performance raises concerns about the sustainability and efficiency of such investments [2].