苏能股份2025年中报简析：净利润同比下降90.13%

Core Insights - SuNeng Co., Ltd. reported a significant decline in net profit by 90.13% year-on-year for the first half of 2025, with total revenue decreasing by 17.15% to 5.573 billion yuan [1] - The company's gross margin fell to 23.6%, down 32.52% year-on-year, while net margin dropped to 3.56%, a decrease of 77.45% [1] - The financial report indicates a concerning trend in cash flow and profitability, with operating cash flow per share down 53.95% to 0.12 yuan [1] Financial Performance - Total revenue for the first half of 2025 was 5.573 billion yuan, a decrease of 17.15% compared to 6.728 billion yuan in 2024 [1] - Net profit attributable to shareholders was 93.19 million yuan, down from 945 million yuan in the previous year, marking a 90.13% decline [1] - The company's gross margin decreased to 23.6% from 34.97%, and net margin fell to 3.56% from 15.80% [1] Cash Flow and Debt - Operating cash flow per share decreased by 53.95% to 0.12 yuan, reflecting a decline in cash inflow from operating activities due to reduced revenue [1][6] - The company’s interest-bearing liabilities increased by 12.80% to 12.773 billion yuan, indicating a rise in debt levels [1] - The cash flow from financing activities saw a significant increase of 179.94%, attributed to dividends declared to shareholders [6] Asset and Liability Changes - Cash and cash equivalents decreased by 19.66% to 5.141 billion yuan, while accounts receivable fell by 9.17% to 635 million yuan [1][2] - Inventory increased by 44.22%, attributed to stockpiling of trade coal [2] - Contract liabilities decreased by 39.54%, indicating a reduction in advance payments received from customers [2] Market Position and Business Model - The company's return on invested capital (ROIC) was reported at 6.39%, which is below the historical median of 12.85%, suggesting a decline in capital efficiency [6] - The business model relies heavily on capital expenditures, necessitating careful evaluation of capital projects and their financial viability [6] - The company’s debt-to-asset ratio for interest-bearing liabilities reached 25.25%, raising concerns about financial leverage [6] Fund Holdings - The largest fund holding SuNeng Co., Ltd. shares is the China Merchants CSI Coal Equal-weighted Index Fund (LOF) C, which holds 4.727 million shares [6]