ST新动力2025年中报简析：亏损收窄

Core Viewpoint - ST New Power (300152) reported a narrowing loss in its 2025 interim financial results, with total revenue declining and net profit showing improvement compared to the previous year [1] Financial Performance Summary - Total revenue for the first half of 2025 was 96.96 million yuan, a decrease of 5.66% year-on-year [1] - The net profit attributable to shareholders was -7.29 million yuan, an improvement of 25.91% year-on-year [1] - In Q2 2025, total revenue was 40.49 million yuan, down 43.2% year-on-year, with a net profit of -1.78 million yuan, a decline of 127.84% year-on-year [1] Profitability Metrics - Gross margin was 29.84%, an increase of 17.57% year-on-year [1] - Net margin was -7.52%, improving by 21.47% year-on-year [1] - Total selling, administrative, and financial expenses amounted to 34.74 million yuan, accounting for 35.83% of revenue, a decrease of 2.58% year-on-year [1] Asset and Cash Flow Analysis - Cash and cash equivalents were 4.51 million yuan, down 53.79% year-on-year [1] - Accounts receivable stood at 65.60 million yuan, a decrease of 40.65% year-on-year [1] - Interest-bearing debt was 61.17 million yuan, a reduction of 4.58% year-on-year [1] - The company's cash flow situation is concerning, with cash and cash equivalents to current liabilities at only 1.31% [3] Historical Performance Insights - The company has a median ROIC of -13.7% over the past decade, indicating poor investment returns [3] - The company has reported losses in 6 out of 14 annual reports since its listing, suggesting a lack of consistent profitability [3]