天际股份（002759）2025年中报简析：营收上升亏损收窄，盈利能力上升

Core Viewpoint - Tianji Co., Ltd. (002759) reported a significant increase in revenue and a reduction in net loss for the first half of 2025, indicating improved profitability metrics despite ongoing challenges in cash flow and asset management [1][3]. Financial Performance Summary - Total revenue for the first half of 2025 reached 1.068 billion yuan, a year-on-year increase of 19.16% compared to 896 million yuan in 2024 [1]. - The net profit attributable to shareholders was -52.36 million yuan, showing a 59% improvement from -128 million yuan in the previous year [1]. - The gross margin increased to 9.16%, reflecting a substantial year-on-year growth of 438.28% [1]. - The net margin improved to -5.01%, with a year-on-year increase of 73.21% [1]. Cost and Expense Analysis - Total selling, administrative, and financial expenses amounted to 89.54 million yuan, accounting for 8.39% of revenue, a decrease of 19.94% year-on-year [1]. - Sales expenses decreased by 30.84%, while management expenses fell by 10.05%, indicating effective cost control measures [3]. - Financial expenses surged by 2259.93%, attributed to reduced interest income from decreased fundraising activities [3]. Asset and Liability Changes - Cash and cash equivalents decreased by 13.16% to 878 million yuan, primarily due to payments for construction and inventory reserves [3]. - Accounts receivable increased by 36.11% to 489 million yuan, reflecting higher sales volumes [3]. - Interest-bearing debt rose by 33.60% to 1.16 billion yuan, indicating increased borrowing to support operational needs [3]. Cash Flow and Investment Insights - Operating cash flow per share improved by 52.57% to -0.26 yuan, suggesting better cash generation from operations [1][5]. - Investment cash flow increased by 60.8%, as capital expenditures for lithium projects decreased towards completion [5]. - Financing cash flow decreased by 53.77%, indicating a reduction in fundraising activities [5]. Research and Development - R&D expenditures increased by 31.17%, reflecting a commitment to innovation and product development [5]. Business Model Evaluation - The company's performance heavily relies on capital expenditures, necessitating careful scrutiny of the viability and returns of these investments [5]. - Historical data indicates a median Return on Invested Capital (ROIC) of 7.8%, with a notably poor ROIC of -27.51% in 2024, highlighting the need for improved business sustainability [5].