华媒控股2025年中报简析：净利润同比下降343.49%，三费占比上升明显

Core Viewpoint - Huamei Holdings (000607) reported disappointing financial results for the first half of 2025, with significant declines in revenue and net profit compared to the previous year [1]. Financial Performance - Total revenue for the first half of 2025 was 507 million yuan, a decrease of 26.23% year-on-year [1]. - The net profit attributable to shareholders was -53.2 million yuan, representing a decline of 343.49% year-on-year [1]. - In Q2 2025, total revenue was 294 million yuan, down 24.47% year-on-year, and the net profit attributable to shareholders was -15.27 million yuan, a decrease of 147.33% [1]. Cost Structure - The proportion of operating expenses (three fees) increased significantly, with total financial, sales, and management expenses reaching 125 million yuan, accounting for 24.75% of total revenue, an increase of 30.75% year-on-year [1]. - Gross margin fell to 12.17%, down 48.58% year-on-year, while net margin was -12.03%, a decrease of 408.5% [1]. Key Financial Ratios - The company's return on invested capital (ROIC) was 0.62%, indicating weak capital returns [3]. - The historical median ROIC over the past decade was 5.82%, with a particularly poor performance in 2020, where ROIC was -15.64% [3]. - The company has recorded six years of losses since its listing, suggesting a generally unfavorable investment profile [3]. Debt and Liquidity - The company has a healthy cash position, with cash assets reported at 707 million yuan, an increase of 34.17% year-on-year [1]. - The interest-bearing debt increased significantly to 876 million yuan, a rise of 129.83% year-on-year, leading to an interest-bearing asset-liability ratio of 24.59% [3].