宇晶股份2025年中报简析：净利润同比下降74.72%，三费占比上升明显

Core Viewpoint - Yujing Co., Ltd. (002943) reported a significant decline in revenue and net profit for the first half of 2025, indicating potential challenges in its business model and financial health [1][3]. Financial Performance - Total revenue for the first half of 2025 was 484 million yuan, a decrease of 33.91% compared to 732 million yuan in the same period of 2024 [1]. - Net profit attributable to shareholders was 11.8 million yuan, down 74.72% from 46.7 million yuan year-on-year [1]. - The second quarter of 2025 saw total revenue of 362 million yuan, a slight decline of 3.95% year-on-year, while net profit for the quarter increased by 212.31% to 51.4 million yuan [1]. Cost and Expense Analysis - The proportion of operating expenses (three fees) increased significantly, with total financial, sales, and management expenses reaching 80.5 million yuan, accounting for 16.65% of total revenue, up 60.86% year-on-year [1]. - Gross margin improved to 26.95%, an increase of 14.13% year-on-year, while net margin fell to 1.51%, a decrease of 75.01% [1]. Cash Flow and Debt Situation - Cash flow per share was reported at 0.4 yuan, a substantial increase of 263.51% year-on-year, indicating improved cash generation despite the overall decline in profitability [1]. - The company’s cash and cash equivalents increased to 238 million yuan, a rise of 6.82% from the previous year [1]. - The company’s interest-bearing debt rose to 1.144 billion yuan, an increase of 2.94% year-on-year, with a debt-to-asset ratio of 29% [3]. Historical Performance and Investment Return - The historical median Return on Invested Capital (ROIC) since the company’s listing is 8.04%, with a notably poor ROIC of -24.32% in 2024 [3]. - The company has reported losses in three out of six annual reports since its listing, indicating a fragile business model [3].