创业黑马（300688）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 revenue declining significantly and net profit improving year-on-year despite ongoing challenges in the business model [1][4]. Financial Performance Summary - Total revenue for the first half of 2025 was 70.56 million yuan, a decrease of 30.09% compared to 101 million yuan in the same period of 2024 [1]. - The net profit attributable to shareholders was -11.66 million yuan, showing a year-on-year improvement of 65.3% from -33.59 million yuan [1]. - The gross margin was 47.68%, down 2.46% from the previous year, while the net margin improved to -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% year-on-year [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 decreased by 45.48%, attributed to a decline in revenue leading to reduced cash collections [3][4]. - The company reported a significant increase in other receivables by 845.42%, linked to payments made for asset restructuring [3]. Investment and Return Metrics - The historical median Return on Invested Capital (ROIC) since the company’s listing is 0.78%, indicating average investment returns, with the worst year being 2024 at -23.33% [4]. - The company has reported losses in three out of seven financial years since its IPO, suggesting a fragile business model [4]. Recommendations - Attention is advised on the company's cash flow situation, as the average operating cash flow over the past three years is -9.7% relative to current liabilities [5]. - Monitoring of financial expenses is recommended, given that the average net cash flow from operating activities over the past three years has been negative [5].