亿晶光电2025年中报简析：亏损收窄，三费占比上升明显

Core Viewpoint - Yichin Optoelectronics (600537) reported a significant decline in revenue and a negative net profit for the first half of 2025, indicating ongoing challenges in the business environment and operational performance [1]. Financial Performance Summary - Total revenue for the first half of 2025 was 1.181 billion yuan, a decrease of 46.05% compared to 2.189 billion yuan in the same period of 2024 [1]. - The net profit attributable to shareholders was -153 million yuan, an increase of 67.54% from -470 million yuan in the previous year [1]. - The gross margin improved to 0.53%, up 106.32% from -8.30% in the previous year, while the net margin was -15.05%, an improvement of 39.88% from -25.03% [1]. - Total expenses (selling, administrative, and financial) accounted for 13.43% of total revenue, an increase of 49.51% year-on-year [1]. - Earnings per share were -0.13 yuan, a 66.67% improvement from -0.39 yuan in the previous year [1]. Cash Flow and Debt Analysis - Operating cash flow per share was 0.02 yuan, a significant increase of 3225.66% from 0 yuan in the previous year [1]. - The company’s cash and cash equivalents increased by 8.00% to 1.106 billion yuan, while accounts receivable decreased by 21.07% to 818 million yuan [1]. - Interest-bearing debt rose by 16.30% to 2.576 billion yuan, indicating a potential increase in financial leverage [1]. Expense Breakdown - Sales expenses decreased by 30.61% due to lower sales-related costs, while management expenses fell by 11.44% as a result of reduced administrative costs [3]. - Research and development expenses saw a significant reduction of 79.41%, reflecting decreased investment in innovation [5]. - Financial expenses decreased by 17.37%, attributed to favorable exchange rate changes [4]. Operational Challenges - The decline in revenue was primarily due to a decrease in both sales volume and selling prices of components [2]. - The company has faced historical challenges, with a median return on invested capital (ROIC) of only 1.55% over the past decade, indicating weak investment returns [6].