ST新亚2025年中报简析：净利润同比下降34.67%

Core Insights - ST Xin Ya reported a significant decline in net profit, down 34.67% year-on-year, with total revenue also decreasing by 12.36% to 880 million yuan [1] - The company's financial metrics indicate a weak business model, with a historical median ROIC of only 2.14% and a particularly poor ROIC of -12.8% in 2024 [3] Financial Performance - Total revenue for the first half of 2025 was 880 million yuan, down from 1.004 billion yuan in 2024, representing a decrease of 12.36% [1] - The net profit attributable to shareholders was 6.5457 million yuan, a decline of 34.67% compared to 10.0192 million yuan in the previous year [1] - The second quarter of 2025 saw total revenue of 498 million yuan, down 8.29% year-on-year, while the net profit for the quarter was -6.8661 million yuan, a drastic decline of 220.49% [1] Profitability Metrics - Gross margin improved to 12.92%, an increase of 7.39% year-on-year, while net margin fell to -1.02%, a decrease of 644% [1] - The ratio of selling, administrative, and financial expenses to revenue increased to 13.86%, up 21.86% from the previous year [1] Cash Flow and Debt Analysis - Cash and cash equivalents decreased by 51.92% to 108 million yuan, raising concerns about liquidity [1] - The company has a debt-to-asset ratio of 23.38%, indicating a significant level of indebtedness relative to its assets [3] - Historical cash flow metrics show that the average operating cash flow over the past three years has been negative, highlighting ongoing cash flow challenges [3]