华升股份2025年中报简析：营收上升亏损收窄

Core Viewpoint - Huasheng Co., Ltd. (600156) reported a revenue increase and a narrowing loss in its 2025 interim report, indicating resilience in a complex international environment and a focus on expanding orders and trade business [1] Financial Performance - Total operating revenue reached 433 million yuan, a year-on-year increase of 31.28% [1] - Net profit attributable to shareholders was -13.55 million yuan, improving by 47.1% year-on-year [1] - In Q2, operating revenue was 219 million yuan, up 53.32% year-on-year, with net profit narrowing to -1.05 million yuan, a 91.85% improvement [1] Profitability Metrics - Gross margin was 3.4%, down 48.22% year-on-year [1] - Net margin was -4.11%, an increase of 52.45% year-on-year [1] - Earnings per share were -0.03 yuan, a 47.1% increase year-on-year [1] Expense Analysis - Total selling, administrative, and financial expenses amounted to 40 million yuan, accounting for 9.23% of revenue, down 13.74% year-on-year [1] - Sales expenses increased by 24.82% due to growth in e-commerce sales [13] - Administrative expenses rose by 16.01% due to increased labor costs [14] - Financial expenses decreased by 49.09% due to lower foreign exchange losses [15] Cash Flow and Asset Management - Operating cash flow per share was -0.11 yuan, a decrease of 145.51% year-on-year [1] - Net cash flow from operating activities decreased significantly, attributed to increased prepayments for procurement and rising labor costs [17] - Cash flow from investment activities increased by 531.66% due to the sale of shares in Xiangcai Co. [17] Balance Sheet Changes - Cash and cash equivalents changed by 4.03% due to normal business operations [2] - Trade receivables increased by 13.99% due to normal business activities [2] - Inventory saw a slight increase of 0.89% due to normal operations [2] - Short-term borrowings decreased by 31.27% as the company repaid bank loans [7] Investment Returns - Historical data indicates a median ROIC of -4.65% over the past decade, with a particularly poor ROIC of -31.89% in 2022 [17] - The company has reported losses in 9 out of 26 annual reports since its listing, suggesting a generally poor investment outlook [17] Recommendations - Attention is advised on the company's cash flow situation, with a cash to current liabilities ratio of only 49.96% [18] - Financial expenses should be monitored, as the company has reported negative net cash flow from operating activities over the past three years [18] - The status of accounts receivable is also a concern, given the negative net profit attributable to shareholders [18]