ST德豪2025年中报简析：亏损收窄

Core Viewpoint - ST Dehao reported a narrowing loss in its 2025 mid-year financial results, with total revenue declining and net profit improving year-over-year [1] Financial Performance Summary - Total revenue for the first half of 2025 was 307 million yuan, a decrease of 8.19% compared to 335 million yuan in 2024 [1] - The net profit attributable to the parent company was -13.03 million yuan, an improvement of 67.6% from -40.23 million yuan in the previous year [1] - The gross margin was 16.17%, down 4.9% year-over-year, while the net margin improved to -4.02%, up 65.36% [1] - Total expenses (selling, administrative, and financial) amounted to 51.16 million yuan, accounting for 16.64% of revenue, a decrease of 36.49% [1] - Earnings per share improved to -0.01 yuan, a 67.53% increase from -0.02 yuan [1] Key Changes in Financial Items - Cash and cash equivalents increased by 49.17% to 201 million yuan due to strategic investments in the LED packaging business [3] - Contract assets decreased by 64.23% as the company recovered customer warranty deposits [3] - Long-term equity investments surged by 4487.02% due to the acquisition of minority stakes in subsidiaries [3] - Contract liabilities rose by 59.0% due to increased customer prepayments in the small appliance export business [3] - Long-term borrowings increased by 82.98% as the company secured new loans for its small appliance business [3] Cash Flow and Investment Insights - Net cash flow from operating activities increased by 82.45%, attributed to reduced payments to suppliers [6] - Cash flow from investing activities rose by 194.32% due to proceeds from the disposal of idle LED assets [6] - Cash flow from financing activities saw a significant increase of 484.56% due to new investments from strategic partners [6] Management Commentary - The management indicated that resolving historical issues and optimizing cash flow are priorities for improving the company's financial health [11] - The company is focusing on enhancing operational efficiency and market competitiveness to ensure sustainable growth [11]