弘元绿能2025年中报简析：亏损收窄，盈利能力上升

Core Viewpoint - 弘元绿能 (603185) reported a decline in total revenue and a significant increase in net loss, while showing improvements in profitability metrics such as gross margin and net margin [1] Financial Performance Summary - Total revenue for the first half of 2025 was 3.229 billion yuan, a decrease of 19.52% year-on-year [1] - Net profit attributable to shareholders was -297 million yuan, an increase of 74.35% year-on-year [1] - Gross margin improved to 2.98%, with a year-on-year increase of 145.28% [1] - Net margin was -9.19%, reflecting a year-on-year increase of 68.13% [1] - Total expenses (selling, administrative, and financial) amounted to 241 million yuan, accounting for 7.48% of revenue, up 17.48% year-on-year [1] Key Financial Metrics - Earnings per share (EPS) was -0.44 yuan, an increase of 77.01% year-on-year [1] - Cash flow from operating activities was -0.55 yuan per share, a decrease of 435.12% year-on-year [1] - The company's net assets per share were 17.04 yuan, down 14.07% year-on-year [1] Changes in Financial Items - Trading financial assets decreased by 30.65% due to increased redemptions of financial products [3] - Prepayments decreased by 33.81% due to reduced advance payments to suppliers [3] - Short-term borrowings increased by 81.66% due to new short-term loans [3] - Sales expenses decreased by 38.91% as the company focused on cost reduction [3] Business Evaluation - The company's historical median Return on Invested Capital (ROIC) is 21.23%, with a poor ROIC of -18.59% in the worst year, 2024 [4] - The company has reported a negative net profit in one of the six annual reports since its listing, indicating potential underlying issues [5] Cash Flow and Debt Analysis - The company's cash assets are considered healthy, but attention is needed on cash flow status, with a cash asset to current liabilities ratio of 80.36% [5] - The average operating cash flow over the past three years is only 8.93% of current liabilities, indicating potential liquidity concerns [5]