宣亚国际（300612）2025年中报简析：亏损收窄，三费占比上升明显

Core Viewpoint - XuanYa International (300612) reported a significant decline in revenue and a negative net profit for the first half of 2025, indicating ongoing financial challenges despite some improvements in gross margin and cash flow metrics [1]. Financial Performance Summary - Total revenue for the first half of 2025 was 193 million yuan, a decrease of 42.07% year-on-year [1]. - The net profit attributable to shareholders was -8.87 million yuan, an increase of 26.69% compared to the previous year [1]. - In Q2 2025, total revenue was 80.85 million yuan, down 55.69% year-on-year, with a net profit of -4.84 million yuan, a decline of 161.87% [1]. - The gross margin improved to 40.45%, up 111.31% year-on-year, while the net margin was -4.62%, a decrease of 18.41% [1]. - Total expenses (selling, administrative, and financial) reached 75.05 million yuan, accounting for 38.96% of total revenue, an increase of 101.77% year-on-year [1]. Cash Flow and Financial Ratios - Operating cash flow per share was 0.14 yuan, a significant increase of 309.34% year-on-year [1]. - The company's net asset value per share decreased to 2.73 yuan, down 4.84% year-on-year [1]. - The company has experienced a historical median Return on Invested Capital (ROIC) of 10.48%, with the worst year being 2023 at -18.08% [3]. - The average operating cash flow over the past three years has been negative, raising concerns about liquidity [3].