融发核电2025年中报简析：净利润同比下降1798.63%，三费占比上升明显

Core Viewpoint - Rongfa Nuclear Power (002366) reported disappointing financial results for the first half of 2025, with significant declines in revenue and net profit compared to the previous year [1][2]. Financial Performance Summary - Total revenue for the first half of 2025 was 338 million yuan, a decrease of 19.63% year-on-year [1]. - The net profit attributable to shareholders was -30.70 million yuan, representing a decline of 1798.63% year-on-year [1]. - In Q2 2025, total revenue was 183 million yuan, down 34.98% year-on-year, and the net profit attributable to shareholders was -33.82 million yuan, a decrease of 3338.55% year-on-year [1]. - The gross margin was 10.63%, down 39.58% year-on-year, while the net margin was -11.78%, a drop of 2266.80% year-on-year [1]. - The total of selling, administrative, and financial expenses reached 53.53 million yuan, accounting for 15.85% of total revenue, an increase of 81.39% year-on-year [1]. Cash Flow and Debt Analysis - Cash flow from operating activities decreased by 39.07%, attributed to reduced operational cash receipts [2]. - The company’s cash and cash equivalents decreased by 59.33% year-on-year, totaling 558 million yuan [1]. - The interest-bearing debt was reported at 1.788 billion yuan, a decrease of 9.67% year-on-year [1]. Investment and Market Position - The company has faced challenges in maintaining a positive return on invested capital (ROIC), with a historical median ROIC of 3.09% over the past decade [2]. - The company has reported four years of losses since its listing, indicating a generally weak financial performance [2]. - The current order situation is relatively stable, but there has been a decline in orders and production compared to the same period last year [3]. Fund Holdings and Market Sentiment - The largest fund holding in Rongfa Nuclear Power is the Zhonghai Quality Growth Mixed Fund, which has reduced its holdings [3]. - The fund's current scale is 924 million yuan, with a recent net value increase of 1.6% [3].