海鸥住工2025年中报简析：净利润同比下降331.42%

Financial Performance - The company reported a significant decline in net profit, with a year-on-year decrease of 331.42%, resulting in a net profit of -26.05 million yuan for the first half of 2025 [1] - Total operating revenue for the first half of 2025 was 1.367 billion yuan, down 4.31% from the previous year [1] - The gross profit margin decreased to 12.89%, a drop of 21.89% year-on-year, while the net profit margin turned negative at -2.4%, a decrease of 411.27% [1] Key Financial Metrics - The company's total revenue for Q2 2025 was 712 million yuan, reflecting a 5.43% decline year-on-year [1] - The company’s operating cash flow per share remained stable at 0.13 yuan, with a slight increase of 1.72% [1] - The total liabilities decreased by 21.61%, with interest-bearing liabilities at 833 million yuan [3] Business Overview - The company focuses on the industrialization of interior decoration, particularly in the prefabricated assembly kitchen and bathroom sectors, aiming to become a leading provider of components and services in this field [5] - The company is involved in the research, manufacturing, and service of a wide range of high-end sanitary ware and smart home products [5] Cash Flow and Debt Situation - The cash flow situation is concerning, with a cash and cash equivalents to current liabilities ratio of only 75.5% [4] - The interest-bearing asset-liability ratio has reached 24.87%, indicating a notable level of debt [4]