棕榈股份2025年中报简析：营收上升亏损收窄，短期债务压力上升

Core Viewpoint - The recent financial report of Palm Co. (002431) indicates a slight increase in revenue but a continued negative net profit, highlighting ongoing financial challenges despite some improvements in margins and cost management [1][3]. Financial Performance - The total revenue for the first half of 2025 reached 1.625 billion yuan, representing a year-on-year increase of 2.77% [1]. - The net profit attributable to shareholders was -273 million yuan, showing a year-on-year improvement of 24.73% [1]. - In Q2 2025, the revenue was 877 million yuan, up 36.83% year-on-year, while the net profit attributable to shareholders was -112 million yuan, an increase of 57.15% year-on-year [1]. Profitability Metrics - The gross margin improved to 9.6%, a year-on-year increase of 46.75% [1]. - The net margin was -16.97%, reflecting a year-on-year improvement of 26.41% [1]. - The total of selling, administrative, and financial expenses was 261 million yuan, accounting for 16.08% of revenue, down 8.92% year-on-year [1]. Balance Sheet and Cash Flow - The current ratio increased to 0.75, indicating rising short-term debt pressure [1]. - Cash and cash equivalents decreased to 612 million yuan, down 12.59% year-on-year [1]. - Accounts receivable rose to 2.198 billion yuan, an increase of 10.61% year-on-year [1]. - Interest-bearing debt decreased to 2.117 billion yuan, down 22.42% year-on-year [1]. Shareholder Metrics - The net asset per share was 0.76 yuan, a decrease of 51.76% year-on-year [1]. - Earnings per share improved to -0.15 yuan, reflecting a year-on-year increase of 25% [1]. - Operating cash flow per share was -0.09 yuan, a significant decline of 176.81% year-on-year [1]. Investment Considerations - The company's historical return on invested capital (ROIC) has been poor, with a median of -2.86% over the past decade and a worst year in 2024 at -25.89% [3]. - The business model relies heavily on research and development, necessitating a thorough examination of the underlying drivers [3]. - Cash flow and debt levels are concerning, with cash as a percentage of total assets at only 3.32% and a current ratio of 0.75 [3].