宣亚国际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 and a deteriorating business model [1][3]. Financial Performance Summary - Total revenue for the first half of 2025 was 193 million yuan, a decrease of 42.07% compared to 333 million yuan in the same period of 2024 [1]. - The net profit attributable to shareholders was -8.87 million yuan, an improvement of 26.69% from -12.10 million yuan in the previous year [1]. - The gross profit margin increased to 40.45%, up 111.31% year-on-year, while the net profit margin was -4.62%, a decline of 18.41% [1]. - Total operating expenses (selling, administrative, and financial expenses) amounted to 75.05 million yuan, representing 38.96% of total revenue, which is a 101.77% increase year-on-year [1]. Cash Flow and Debt Analysis - The company reported a significant decrease in cash and cash equivalents, down 65.02% to 109 million yuan [1]. - The average operating cash flow over the past three years has been negative, with a cash flow to current liabilities ratio of -5.69% [3]. - Interest-bearing debt decreased by 40.29% to 49.32 million yuan, indicating some reduction in leverage [1]. Historical Performance Insights - The company's historical return on invested capital (ROIC) has been relatively low, with a median ROIC of 10.48% since its listing, and a particularly poor ROIC of -18.08% in 2023 [3]. - The company has reported losses in three out of its seven annual reports since going public, suggesting a fragile business model [3].