锐奇股份2025年中报简析：增收不增利

Core Viewpoint - Ruiqi Co., Ltd. reported a revenue increase but a significant decline in net profit for the first half of 2025, indicating challenges in profitability despite revenue growth [1] Financial Performance Summary - Total operating revenue reached 239 million yuan, a year-on-year increase of 7.74% [1] - Net profit attributable to shareholders was -14.40 million yuan, a year-on-year decrease of 185.96% [1] - Gross margin was 11.56%, down 11.91% year-on-year [1] - Net margin was -6.02%, a decline of 165.42% compared to the previous year [1] - Total expenses (selling, administrative, and financial) amounted to 29.49 million yuan, accounting for 12.33% of revenue, a decrease of 4.55% year-on-year [1] Cash Flow and Financial Position - Cash and cash equivalents increased by 33.84% due to an increase in USD demand deposits [3] - Contract liabilities rose by 95.95% due to increased customer prepayments [3] - The company reported a significant decrease in other receivables by 53.77%, attributed to a reduction in export VAT refunds [3] - The net cash flow from investing activities increased by 268.75%, primarily due to a reduction in the scale of purchased financial products [4] Debt and Liabilities - Interest-bearing liabilities were reported at 4.03 million yuan [1] - The company’s financial expenses increased by 77.97%, mainly due to increased exchange losses and decreased interest income [4] - Deferred tax liabilities decreased by 37.62% due to adjustments in the fair value of external equity investments [3] Historical Performance and Business Model - The company's historical financial performance has been generally weak, with a median ROIC of 0.25% over the past decade [4] - The company has recorded two years of losses since its IPO, indicating a fragile business model [4] - The average operating cash flow over the past three years has been negative, raising concerns about cash flow sustainability [4]