维科技术2025年中报简析：净利润同比下降435.25%

Core Viewpoint - The financial performance of Weike Technology (600152) has significantly deteriorated, with a net profit decline of 435.25% year-on-year, indicating severe operational challenges and declining profitability [1]. Financial Performance Summary - Total operating revenue for the first half of 2025 was 638 million yuan, a decrease of 6.48% compared to 2024 [1]. - The net profit attributable to shareholders was -39.15 million yuan, down 435.25% year-on-year [1]. - The gross profit margin was 12.12%, a decline of 14.63% year-on-year, while the net profit margin was -6.74%, a decrease of 491.97% [1]. - Total expenses (selling, administrative, and financial) amounted to 58.33 million yuan, accounting for 9.14% of revenue, an increase of 3.97% year-on-year [1]. - Earnings per share were -0.07 yuan, a decline of 436.23% year-on-year [1]. Cash Flow and Asset Management - The net cash flow from operating activities decreased by 115.16%, attributed to reduced revenue and increased employee compensation payments [3]. - The company’s cash and cash equivalents decreased by 10.85% to 475 million yuan [1]. - Accounts receivable increased by 10.43% to 271 million yuan, indicating potential issues with cash collection [1]. Business Evaluation - The company's historical return on invested capital (ROIC) has been poor, with a median of -1.75% over the past decade and a worst year in 2023 at -7.26% [4]. - The company has reported losses in 8 out of 26 annual reports since its listing, suggesting a lack of consistent profitability [4]. - The cash flow situation is concerning, with cash and cash equivalents covering only 93.83% of current liabilities [4].