久日新材2025年中报简析：亏损收窄

Core Viewpoint - Jiu Ri New Materials (688199) reported a narrowed loss in its 2025 mid-year financial results, with total revenue declining and net profit improving year-on-year [1] Financial Performance - Total revenue for the first half of 2025 was 713 million yuan, a decrease of 7.11% compared to the previous year [1] - The net profit attributable to shareholders was -9.0573 million yuan, showing a year-on-year improvement of 29.69% [1] - In Q2 2025, total revenue was 357 million yuan, down 13.14% year-on-year, while net profit attributable to shareholders was 1.467 million yuan, up 117.28% year-on-year [1] - Gross margin was 13.5%, a decrease of 1.96% year-on-year, while net margin was -1.75%, an increase of 4.75% year-on-year [1] - Total operating expenses (selling, administrative, and financial) amounted to 55.6017 million yuan, accounting for 7.79% of revenue, an increase of 7.02% year-on-year [1] - Earnings per share were -0.06 yuan, an increase of 25.0% year-on-year, while operating cash flow per share was 0.25 yuan, up 726.08% year-on-year [1] Debt and Cash Flow - The company has a healthy cash position, with cash assets amounting to 686 million yuan, a 15.70% increase year-on-year [1][2] - The debt situation shows an interest-bearing debt of 1.076 billion yuan, a decrease of 6.04% year-on-year, with an interest-bearing asset-liability ratio of 24.91% [3] Market Position and Analyst Expectations - Analysts expect the company's performance in 2025 to reach 45 million yuan, with an average earnings per share forecast of 0.28 yuan [4] - The company has seen new investments from several funds, indicating growing interest in its stock [5]