恒烁股份2025年中报简析：亏损收窄，三费占比上升明显

Core Viewpoint - Hengshuo Co., Ltd. (688416) reported a slight decline in total revenue for the first half of 2025, with a total revenue of 174 million yuan, down 1.79% year-on-year, while the net profit attributable to shareholders improved by 4.8% to -70.78 million yuan [1] Financial Performance - Total revenue for the first half of 2025 was 174 million yuan, a decrease of 1.79% compared to 2024 [1] - Net profit attributable to shareholders was -70.78 million yuan, an improvement of 4.8% year-on-year [1] - Gross margin decreased to 12.31%, down 10.7% year-on-year [1] - Net margin was -40.62%, showing a slight improvement of 3.06% year-on-year [1] - Total expenses (selling, administrative, and financial) increased by 38.46%, accounting for 16.05% of total revenue [1] - Earnings per share improved to -0.86 yuan, up 4.44% year-on-year [1] - Operating cash flow per share was 0.49 yuan, a significant increase of 145.19% year-on-year [1] Balance Sheet Changes - Cash and cash equivalents decreased by 58.15% to 238 million yuan [1] - Accounts receivable increased by 22.78% to 144 million yuan [1] - Interest-bearing debt surged by 871.54% to 33.83 million yuan [1] - Prepayments increased significantly by 294.76% due to higher procurement payments [4] - Accounts payable rose by 72.02% due to increased procurement liabilities [5] Cash Flow Analysis - Net cash flow from operating activities improved by 145.35% due to reduced operating expenses [5] - Net cash flow from investing activities decreased by 94.03% due to reduced cash management activities [5] - Net cash flow from financing activities saw a drastic decline of 574.6% due to payments for share buybacks [5] Investment Insights - The company has a poor historical return on invested capital (ROIC), with a median ROIC of -7.6% since its listing [6] - The company has experienced four years of losses since its IPO, indicating a challenging investment outlook [6] - The largest fund holding Hengshuo Co., Ltd. is Huaxia Zhaoxin Hongrui Mixed A, which has increased its position [6]