万憬能源2025年中报简析：增收不增利

Core Viewpoint - Wanqing Energy (002700) reported an increase in revenue but a significant decline in profit for the first half of 2025, indicating potential challenges in profitability despite revenue growth [1]. Financial Performance Summary - Total operating revenue reached 336 million yuan, a year-on-year increase of 3.86% [1]. - Net profit attributable to shareholders was 37.56 million yuan, down 27.37% year-on-year [1]. - In Q2 2025, operating revenue was 148 million yuan, a decrease of 0.86% year-on-year, with net profit of 21.34 million yuan, down 37.21% year-on-year [1]. Key Financial Ratios - Gross margin was 19.89%, a decrease of 23.94% year-on-year [1]. - Net margin was 11.11%, down 29.21% year-on-year [1]. - Total selling, administrative, and financial expenses amounted to 29.02 million yuan, accounting for 8.64% of revenue, an increase of 22.79% year-on-year [1]. Asset and Liability Changes - Cash and cash equivalents decreased by 58.76% to 204 million yuan, attributed to investments in financial products [1][2]. - Accounts receivable decreased by 25.08% to 37.40 million yuan [1]. - Interest-bearing liabilities increased by 64.84% to 372,600 yuan [1]. Earnings Per Share and Cash Flow - Earnings per share were 0.09 yuan, down 27.36% year-on-year [1]. - Operating cash flow per share was 0.04 yuan, an increase of 9.38% year-on-year [1]. Investment and Return Metrics - The company's return on invested capital (ROIC) was 7.85%, indicating average capital returns [2]. - Historical data shows a median ROIC of 7.13% over the past decade, with a notably poor performance in 2021, where ROIC was -31% [3].