*ST围海2025年中报简析：净利润同比增长116.29%，盈利能力上升

Core Insights - *ST Weihai reported a total revenue of 830 million yuan for the first half of 2025, a decrease of 4.1% year-on-year, while the net profit attributable to shareholders increased by 116.29% to 8.33 million yuan [1] - The company's gross margin improved significantly, with a year-on-year increase of 63.32%, and the net margin also saw a substantial rise of 111.14% [1] Financial Performance - Total revenue for 2025 was 830 million yuan, down from 865 million yuan in 2024, reflecting a decline of 4.1% [1] - The net profit attributable to shareholders rose to 8.33 million yuan from a loss of 51.11 million yuan in 2024, marking a 116.29% increase [1] - The gross margin for 2025 was 11.29%, up 63.32% year-on-year, while the net margin improved to 0.76% from -6.83% in the previous year [1] - Total expenses (selling, administrative, and financial) amounted to 73.88 million yuan, accounting for 8.9% of revenue, a decrease of 30.67% compared to the previous year [1] Cash Flow and Debt Management - The net cash flow from operating activities decreased by 50.25%, attributed to increased payments for project costs [2] - The net cash flow from investing activities increased by 143.28%, due to reduced project investments and increased recoveries from BT and PPP projects [2] - The net cash flow from financing activities saw a drastic decline of 1109.85%, primarily due to a significant increase in bank loan repayments [3] Historical Performance and Investment Return - The company has a poor historical return on invested capital (ROIC), with a median of -0.65% over the past decade, and a worst year in 2019 with a ROIC of -20.13% [5] - The company has reported losses in six out of its thirteen annual reports since going public, indicating a generally weak financial performance [5] Liquidity and Financial Health - The company's cash assets are considered healthy, with a cash and cash equivalents to current liabilities ratio of 73.61% [6] - The average net cash flow from operating activities over the past three years has been negative, raising concerns about financial sustainability [6]