Financial Performance - The company reported total revenue of 103 million yuan for the first half of 2025, a year-on-year increase of 3.85% [1] - The net profit attributable to the parent company was -83.81 million yuan, a decline of 27.58% year-on-year [1] - In Q2 2025, total revenue was 65.07 million yuan, up 4.87% year-on-year, while the net profit attributable to the parent company was -44.02 million yuan, down 69.65% year-on-year [1] - The gross margin was 24.91%, a decrease of 52.81% year-on-year, and the net margin was -81.36%, down 22.84% year-on-year [1] Financial Ratios - The company's accounts receivable accounted for 172.49% of total revenue, indicating a significant amount of outstanding payments [1] - The total of selling, administrative, and financial expenses was 48.09 million yuan, representing 46.68% of revenue, a decrease of 38.61% year-on-year [1] - The earnings per share (EPS) was -0.54 yuan, a decrease of 28.57% year-on-year, while the net asset per share was 10.43 yuan, down 19.43% year-on-year [1] Business Model and Investment Returns - The company's business model relies heavily on research and development, which requires careful examination of the underlying drivers [3] - Historical data shows a median Return on Invested Capital (ROIC) of 12.74%, but the worst year, 2024, had a ROIC of -18.09%, indicating poor investment returns [3] - The company has experienced two years of losses since its listing, suggesting a fragile business model [3] Cash Flow and Financial Health - The average operating cash flow over the past three years has been -122.57% relative to current liabilities, indicating cash flow concerns [3] - Financial expenses have also been a concern, with the average net cash flow from operating activities being negative over the past three years [3]
华如科技2025年中报简析：增收不增利，公司应收账款体量较大