海德股份2025年中报简析：净利润同比下降61.11%

Core Viewpoint - Haide Co., Ltd. reported a significant decline in net profit and revenue for the first half of 2025, indicating challenges in its business operations and financial performance [1]. Financial Performance Summary - The total operating revenue for the first half of 2025 was 337 million yuan, a decrease of 42.81% compared to 590 million yuan in the same period of 2024 [1]. - The net profit attributable to shareholders was 147 million yuan, down 61.11% from 378 million yuan year-on-year [1]. - The second quarter of 2025 saw an operating revenue of 117 million yuan, a decline of 52.36% year-on-year, with a net profit of approximately 50 million yuan, down 65.47% [1]. - The gross profit margin was 99.14%, a slight decrease of 0.17% year-on-year, while the net profit margin fell to 42.86%, down 31.58% [1]. - Earnings per share decreased to 0.08 yuan, a drop of 61.12% compared to 0.19 yuan in the previous year [1]. Key Financial Metrics - Cash and cash equivalents increased by 98.12% to 154 million yuan due to improved collections from non-performing assets [2]. - Accounts receivable decreased significantly by 87.81% to 44 million yuan, indicating better cash flow management [2]. - The company’s total liabilities decreased by 23.18% to 2.796 billion yuan, reflecting a reduction in interest-bearing debt [2]. - The operating costs fell by 28.99%, attributed to a decrease in costs associated with individual loan disposals [3]. Cash Flow Analysis - Operating cash flow per share increased dramatically by 1870.33% to 0.46 yuan, driven by intensified collection efforts [6]. - The net increase in cash and cash equivalents was up 123.35%, primarily due to increased net collections from non-performing assets [9]. Investment and Debt Management - Long-term borrowings decreased by 27.47% as the company repaid some of its long-term debts [2]. - The company’s return on invested capital (ROIC) was reported at 6.41%, indicating average capital returns [10]. - The company has faced challenges with its business model, having recorded three years of losses since its listing [10].