恒实科技2025年中报简析：净利润同比下降107.87%，三费占比上升明显

Core Viewpoint - 恒实科技's financial performance for the first half of 2025 shows significant declines in revenue and profit, indicating potential challenges in its business model and financial health [1][3]. Financial Performance Summary - Total revenue for the first half of 2025 was 403 million yuan, a decrease of 28.66% compared to the same period in 2024 [1]. - The net profit attributable to shareholders was -106 million yuan, down 107.87% year-on-year [1]. - The gross margin fell to 6.94%, a decline of 60.62% from the previous year [1]. - The net margin was -26.9%, reflecting a 190.67% decrease year-on-year [1]. - Total expenses (selling, administrative, and financial) reached 95.77 million yuan, accounting for 23.77% of total revenue, an increase of 32.82% [1]. Cash Flow and Debt Analysis - Operating cash flow per share improved to 0.32 yuan, a 142.49% increase year-on-year, attributed to increased collections and reduced procurement payments [1][3]. - The company’s cash and cash equivalents increased by 110.51%, driven by improved cash collection and lower procurement payments [3]. - The debt situation is concerning, with interest-bearing liabilities totaling 863 million yuan, a 10.64% increase from the previous year [1]. Business Evaluation - The company's historical return on invested capital (ROIC) has been generally low, with a median of 7.18% since its listing, and a particularly poor ROIC of -34.56% in 2024 [3]. - The business model appears fragile, as evidenced by two years of losses since the company went public [3]. Recommendations for Monitoring - Attention is advised on the company's cash flow situation, with cash funds to current liabilities ratio at 25.89% and the average operating cash flow to current liabilities ratio at only 0.64% over the past three years [4]. - Monitoring of the debt situation is crucial, as the interest-bearing debt ratio has reached 25.54%, and the total interest-bearing liabilities to average operating cash flow ratio stands at 115.72% [4]. - Financial expenses are also a concern, with financial expenses to average operating cash flow ratio at 510.88% [4].