Airport Corp(SH:600463) Zheng Quan Zhi Xing·2025-08-21 22:31Core Insights - The company reported a slight increase in revenue and a narrowing of losses in its 2025 mid-year report, with total revenue reaching 260 million yuan, a 0.5% year-on-year increase, and a net profit attributable to shareholders of -52.35 million yuan, improving by 1.7% year-on-year [1] Financial Performance - Total revenue for Q2 2025 was 107 million yuan, reflecting an 11.8% year-on-year increase [1] - The gross margin improved to 21.98%, up 3.53% year-on-year, while the net margin decreased to -26.52%, down 3.41% year-on-year [1] - Total expenses (selling, administrative, and financial) amounted to 69.26 million yuan, accounting for 26.68% of revenue, a decrease of 12.48% year-on-year [1] - Earnings per share improved to -0.17 yuan, a 5.56% increase year-on-year [1] Cash Flow and Debt Analysis - The net cash flow from operating activities decreased by 448.46%, attributed to lower recovery of construction payments compared to the previous year [4] - The net cash flow from investing activities saw a significant decline of 1417.76%, primarily due to cash payments for acquiring 100% equity in Tianli Power [5] - The net cash flow from financing activities increased by 4211.72%, driven by a rise in cash received from borrowings [6] Asset and Liability Management - Cash and cash equivalents decreased by 29.55% due to the acquisition of subsidiary equity [3] - Accounts receivable increased by 13.49%, indicating a potential rise in credit risk [1] - Interest-bearing debt remained stable at 587 million yuan, with a slight decrease of 0.02% [1] Operational Efficiency - The company has shown a historical weakness in return on invested capital (ROIC), with a median of 0.86% over the past decade and a particularly poor ROIC of -5.19% in 2024 [6] - The company has experienced five years of losses since its listing, indicating challenges in maintaining profitability [6]