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崧盛股份2025年中报简析:增收不增利

Core Viewpoint - Songsheng Co., Ltd. reported a revenue increase but a significant decline in profit for the first half of 2025, indicating challenges in maintaining profitability despite slight revenue growth [1]. Financial Performance Summary - Total revenue for the first half of 2025 reached 449 million yuan, a year-on-year increase of 3.69% compared to 433 million yuan in 2024 [1]. - The net profit attributable to shareholders was -753,200 yuan, a decline of 104.28% from a profit of 17.58 million yuan in the previous year [1]. - The gross margin decreased to 22.42%, down 15.64% year-on-year from 26.58% [1]. - The net margin turned negative at -2.06%, a drop of 196.62% from 2.13% in the previous year [1]. - Total expenses (selling, administrative, and financial) amounted to 63.37 million yuan, accounting for 14.1% of revenue, an increase of 7.29% year-on-year [1]. Cash Flow and Debt Analysis - Operating cash flow per share was -0.01 yuan, a decrease of 105.98% from 0.22 yuan in the previous year [1]. - The company’s cash flow from operating activities saw a significant decline due to increased payments to suppliers and employee salaries [3]. - The company’s cash and cash equivalents decreased by 28.73% to 63.38 million yuan [1]. - The interest-bearing debt decreased by 4.89% to 354 million yuan [1]. Investment and Market Position - The company has a historical median Return on Invested Capital (ROIC) of 32.12%, indicating strong investment returns historically, although the most recent year showed a poor ROIC of -1.62% [4]. - The company’s cash flow situation is concerning, with cash and cash equivalents covering only 69.52% of current liabilities [4]. - The interest-bearing asset-liability ratio has reached 23.49%, suggesting a need for careful monitoring of debt levels [4]. Fund Holdings - The largest fund holding Songsheng shares is the ICBC Joy Mixed A Fund, which holds 16,200 shares and has recently entered the top ten holdings [4].