海南机场（600515）2025年中报简析：增收不增利

Core Viewpoint - Hainan Airport reported a revenue increase but a significant decline in net profit for the first half of 2025, indicating challenges in profitability despite higher sales [1] Financial Performance - Total revenue reached 2.311 billion yuan, up 2.66% year-on-year, while net profit attributable to shareholders was 128 million yuan, down 55.91% [1] - In Q2 2025, revenue was 1.22 billion yuan, a 15.36% increase year-on-year, but net profit fell to 27.24 million yuan, down 61.52% [1] - Gross margin decreased to 37.85%, down 13.32% year-on-year, and net margin fell to 6.78%, down 52.44% [1] - Total operating expenses (selling, administrative, and financial) amounted to 617 million yuan, accounting for 26.71% of revenue, an increase of 5.56% year-on-year [1] - Earnings per share dropped to 0.01 yuan, down 55.73% year-on-year, and operating cash flow per share was -0.08 yuan, a decrease of 142.54% [1] Significant Financial Changes - Dividends receivable decreased by 100% due to dividend receipts from Haikou Meilan Airport and Sanya Phoenix International Airport [2] - Short-term borrowings increased by 726.87% due to new loans taken by the parent company and subsidiaries [2] - Long-term payables rose by 598.15% as performance bonds were reclassified [3] - Trading financial assets surged by 32,533.38% due to the purchase of structured deposits worth 2 billion yuan [4] - Operating costs increased by 13.26% due to changes in airport operations and lower margins in real estate projects [5] Cash Flow and Debt Analysis - Net cash flow from operating activities decreased by 142.54% due to increased project expenditures [5] - Net cash flow from investing activities fell by 450.94% due to new fixed deposits [5] - Net cash flow from financing activities increased by 663.62% due to new long-term borrowings [5] - The company's cash flow situation is concerning, with a cash-to-current liabilities ratio of only 70.34% and a three-year average of operating cash flow to current liabilities at -16.46% [6] Investment Returns and Ratios - The company's return on invested capital (ROIC) was 1.87%, indicating weak capital returns [7] - Historical data shows a median ROIC of 3.76% over the past decade, with seven years of losses since its IPO [7] - The debt situation is notable, with interest-bearing debt ratio at 33% and a three-year average of negative operating cash flow [7] - Accounts receivable to profit ratio reached 241.75%, and inventory to revenue ratio was 321.52%, highlighting potential liquidity issues [7]