雄塑科技2025年中报简析：亏损收窄，盈利能力上升

Core Viewpoint - The recent financial report of Xiongpu Technology (300599) indicates a decline in revenue but an improvement in profitability metrics, suggesting a mixed performance in the first half of 2025 [1] Financial Performance Summary - Total revenue for the first half of 2025 was 473 million yuan, a decrease of 4.37% compared to the same period in 2024 [1] - The net profit attributable to shareholders was -7.374 million yuan, showing a significant improvement of 79.19% year-on-year [1] - In Q2 2025, total revenue was 254 million yuan, down 5.52% year-on-year, while the net profit attributable to shareholders was -7.3271 million yuan, up 58.9% year-on-year [1] - Gross margin increased by 66.57% to 13.49%, while net margin improved by 78.24% to -1.56% [1] - Total expenses (selling, administrative, and financial) amounted to 51.9845 million yuan, accounting for 10.99% of revenue, a decrease of 2.44% year-on-year [1] Key Financial Metrics - Earnings per share (EPS) improved to -0.02 yuan, a year-on-year increase of 80% [1] - Operating cash flow per share was -0.11 yuan, reflecting a 43.31% improvement year-on-year [1] - The company's cash and cash equivalents decreased by 27.42% to 430 million yuan [1] - The company's total interest-bearing debt decreased by 26.15% to 57.385 million yuan [1] Financial Statement Analysis - Financial expenses increased by 54.97% due to a decrease in bank deposit interest income [3] - Income tax expenses surged by 288.62% as a result of profit growth [3] - Net cash flow from operating activities increased by 43.31% due to reduced raw material purchases [3] - Investment cash flow decreased by 57.92% due to some financial products not maturing [3] - Financing cash flow increased by 92.16% due to share buybacks in the previous period [3] Business Evaluation - The company's historical net margin was -10.74%, indicating low added value in products or services [3] - The median Return on Invested Capital (ROIC) since listing is 13.29%, with the worst year being 2024 at -5.36% [3] - The company has reported losses in two out of seven annual reports since its listing, indicating a fragile business model [3]