兴化股份2025年中报简析：亏损收窄，短期债务压力上升

Core Viewpoint - Xinghua Co., Ltd. reported a decline in total revenue and a negative net profit for the first half of 2025, indicating financial challenges despite some improvements in profit margins [1][2]. Financial Performance - Total revenue for the reporting period was 1.684 billion, a year-on-year decrease of 7.18% [1]. - The net profit attributable to shareholders was -192 million, showing a year-on-year increase of 25.77% [1]. - In Q2, total revenue was 844 million, down 6.84% year-on-year [1]. - Q2 net profit attributable to shareholders was -96.84 million, with a year-on-year increase of 12.2% [1]. Profitability Metrics - Gross margin was -7.27%, an increase of 13.89% year-on-year [1]. - Net margin was -18.15%, up 2.02% year-on-year [1]. - Total selling, administrative, and financial expenses amounted to 153 million, accounting for 9.06% of revenue, an increase of 4.29% year-on-year [1]. Cash Flow and Debt - Earnings per share were -0.15, with a year-on-year increase of 25.76% [1]. - Operating cash flow per share was 0.09, down 53.24% year-on-year [1]. - The current ratio was 0.74, indicating increased short-term debt pressure [1][2]. - The interest-bearing asset-liability ratio reached 36.97% [2]. Historical Performance - The median Return on Invested Capital (ROIC) over the past decade was 4.38%, with the worst year being 2023 at -3.65% [2]. - The company has reported losses in 4 out of 17 annual reports since its listing, suggesting a generally weak financial history [2].