兴化股份（002109）2025年中报简析：亏损收窄，短期债务压力上升

Core Viewpoint - Xinghua Co., Ltd. reported a decline in total revenue and a negative net profit for the first half of 2025, indicating ongoing financial challenges despite a slight improvement in net profit margin compared to the previous year [1][2]. Financial Performance - Total revenue for the first half of 2025 was 1.684 billion yuan, a decrease of 7.18% year-on-year [1]. - The net profit attributable to shareholders was -192 million yuan, showing a year-on-year increase of 25.77% [1]. - In Q2 2025, total revenue was 844 million yuan, down 6.84% year-on-year, with a net profit of -96.84 million yuan, up 12.2% year-on-year [1]. Profitability Metrics - Gross margin was -7.27%, an improvement of 13.89% year-on-year [1]. - Net margin was -18.15%, reflecting a year-on-year increase of 2.02% [1]. - Total selling, administrative, and financial expenses amounted to 153 million yuan, accounting for 9.06% of revenue, up 4.29% year-on-year [1]. Balance Sheet Indicators - Current ratio reached 0.74, indicating increased short-term debt pressure [1]. - Cash and cash equivalents decreased by 5.24% to 1.25 billion yuan [1]. - Accounts receivable increased by 58.69% to 984,700 yuan [1]. - Interest-bearing debt decreased by 4.39% to 3.961 billion yuan [1]. Shareholder Metrics - Earnings per share were -0.15 yuan, a year-on-year increase of 25.76% [1]. - Net asset value per share was 3.38 yuan, down 6.94% year-on-year [1]. - Operating cash flow per share was 0.09 yuan, a significant decrease of 53.24% year-on-year [1]. Investment Return Analysis - The company's historical return on invested capital (ROIC) has been weak, with a median of 4.38% over the past decade and a particularly poor ROIC of -3.65% in 2023 [2]. - The company has reported losses in four out of its 17 annual reports since going public, indicating a generally unfavorable investment profile [2].