GH-Tech(SZ:000004) Zheng Quan Zhi Xing·2025-08-23 22:58Core Viewpoint - *ST Guohua reported significant declines in revenue and net profit for the first half of 2025, indicating ongoing financial struggles and increased operational costs [1][2]. Financial Performance Summary - Total revenue for the first half of 2025 was 28.50 million yuan, a decrease of 23.21% compared to 37.12 million yuan in the same period of 2024 [1]. - The net profit attributable to shareholders was -41.84 million yuan, reflecting a 120.16% decline from -19.00 million yuan in the previous year [1]. - The gross margin fell to 57.49%, down 28.89% year-on-year, while the net margin plummeted to -154.70%, a decrease of 189.36% [1]. - The total of selling, administrative, and financial expenses reached 30.64 million yuan, accounting for 107.48% of total revenue, an increase of 30.63% year-on-year [1]. Cash Flow and Assets Summary - Cash and cash equivalents decreased by 47.64% to 37.58 million yuan, primarily due to net cash outflows from operating activities [2]. - Accounts receivable dropped by 64.61% to 62.77 million yuan, indicating potential issues with cash collection [1]. - The company reported a negative operating cash flow per share of -0.22 yuan, a decline of 62.26% year-on-year [1]. Cost Structure and Investment Returns - The company experienced a 70.37% increase in operating costs, attributed to the addition of low-margin businesses [2]. - The historical median Return on Invested Capital (ROIC) over the past decade was -5.1%, with the worst year being 2024 at -94.24% [3]. - The company has reported losses in 11 out of 35 annual reports since its listing, indicating a challenging financial history [3].