捷荣技术2025年中报简析：增收不增利

Core Viewpoint - Jierong Technology (002855) reported a significant increase in revenue but continued to face substantial losses in its latest financial results, indicating challenges in profitability despite revenue growth [1] Financial Performance Summary - Total revenue for the first half of 2025 reached 812 million yuan, a year-on-year increase of 45.96% compared to 557 million yuan in 2024 [1] - The net profit attributable to shareholders was -197 million yuan, reflecting a decline of 55.52% from -127 million yuan in the previous year [1] - The gross profit margin decreased to 3.9%, down 61.27% from 10.08% in the previous year [1] - The net profit margin was -24.73%, a slight deterioration of 3.4% from -23.91% [1] - Total expenses (selling, administrative, and financial) amounted to 113 million yuan, accounting for 13.86% of revenue, a decrease of 34.92% year-on-year [1] - Earnings per share were -0.8 yuan, down 55.52% from -0.51 yuan [1] - Operating cash flow per share improved to 0.4 yuan, a significant increase of 188.84% from -0.46 yuan [1] Debt and Cash Flow Analysis - The company’s cash flow situation is concerning, with cash and cash equivalents to current liabilities ratio at 14.49% and a negative average operating cash flow to current liabilities ratio of -0.26% over the past three years [4] - The interest-bearing debt ratio reached 21.61%, indicating a high level of debt relative to assets [4] - Historical data shows that the company has experienced negative net cash flow from operating activities over the past three years [4] Investment Return Evaluation - The company's historical return on invested capital (ROIC) has been low, with a median of 4.64% since its listing, and a particularly poor ROIC of -23.5% in 2024 [3] - The company has reported losses in four out of its seven annual reports since going public, suggesting a lack of consistent profitability [3]