创业黑马2025年中报简析：亏损收窄

Core Viewpoint - The recent financial report of Chuangye Heima (300688) indicates a narrowing loss, with total operating revenue declining significantly and net profit improving year-over-year despite ongoing challenges in the business model [1]. Financial Performance Summary - Total operating revenue for 2025 was 70.56 million yuan, a decrease of 30.09% compared to 101 million yuan in 2024 [1]. - The net profit attributable to shareholders was -11.66 million yuan, showing a 65.3% improvement from -33.59 million yuan in the previous year [1]. - The gross margin was 47.68%, down 2.46% year-over-year, while the net margin was -32.37%, an increase of 3.53% [1]. - Total expenses (selling, administrative, and financial) amounted to 57.70 million yuan, accounting for 81.78% of revenue, which is an increase of 10.13% from the previous year [1]. - Earnings per share improved to -0.08 yuan, a 60% increase from -0.20 yuan in 2024 [1]. Cash Flow and Asset Changes - Cash and cash equivalents decreased by 42.78% due to investments in financial products and payments for asset restructuring [3]. - The net cash flow from operating activities dropped by 45.48%, attributed to reduced revenue leading to lower cash collections [9]. - Other receivables surged by 845.42% due to payments made for asset restructuring [6]. Cost and Expense Analysis - Operating costs fell by 28.44%, correlating with the decline in revenue [8]. - Sales expenses decreased by 35.8% as the company implemented stricter controls on spending [9]. - Research and development expenditures were reduced by 71.8%, indicating a significant cutback in investment in innovation [9]. Business Model Evaluation - The company's historical return on invested capital (ROIC) has been low, with a median of 0.78% since its listing, and a particularly poor ROIC of -23.33% in 2024 [10]. - The business model appears fragile, with three out of seven years resulting in losses since the company went public [10].