东方园林2025年中报简析：亏损收窄，盈利能力上升

Financial Performance - The company reported a total revenue of 69.2183 million yuan for the first half of 2025, representing a year-on-year decline of 88.1% [1] - The net profit attributable to the parent company was -1.4351 million yuan, showing a year-on-year increase of 99.87% [1] - In Q2 2025, the total revenue was 62.0266 million yuan, down 73.52% year-on-year, while the net profit attributable to the parent company was 3.4429 million yuan, up 100.4% year-on-year [1] Profitability Metrics - The gross margin for the reporting period was 44.68%, with a year-on-year increase of 190.44% [1] - The net margin was -2.07%, reflecting a year-on-year increase of 98.97% [1] - The company’s earnings per share were -0.0 yuan, with a year-on-year increase of 99.88% [1] Balance Sheet Highlights - The company’s cash and cash equivalents increased to 577.1 million yuan, a rise of 37.59% year-on-year [1] - Accounts receivable decreased significantly to 50.407 million yuan, down 99.14% year-on-year [1] - Interest-bearing liabilities were reduced to 427 million yuan, a decrease of 93.76% year-on-year [1] Historical Performance - The company has shown weak historical financial performance, with a median ROIC of 2.36% over the past decade [3] - The worst year for ROIC was 2024, with a figure of -54.41%, indicating poor investment returns [3] - The company has reported losses in five out of its fifteen annual reports since going public [3] Cash Flow Analysis - The average operating cash flow over the past three years has been negative, with a ratio of -43.68% when compared to current liabilities [3] - The net cash flow from operating activities has also been negative over the past three years [3]