厚普股份2025年中报简析：营收上升亏损收窄，盈利能力上升

Core Viewpoint - The financial performance of Houpu Co., Ltd. (300471) shows significant growth in revenue, but the company continues to report net losses, indicating a mixed financial outlook for the future [1][4]. Financial Performance Summary - Total revenue for the first half of 2025 reached 392 million yuan, a year-on-year increase of 97.59% [1]. - The net profit attributable to shareholders was -19.84 million yuan, a slight improvement of 0.88% compared to the previous year [1]. - In Q2 2025, total revenue was 251 million yuan, up 68.8% year-on-year, while the net profit attributable to shareholders was -26.18 million yuan, a decline of 3250.2% [1]. - Gross margin increased by 3.49% year-on-year to 33.55%, while net margin improved by 62.44% to -4.65% [1]. - Total expenses (selling, administrative, and financial) amounted to 82.82 million yuan, accounting for 21.12% of revenue, a decrease of 37.74% year-on-year [1]. Cash Flow and Debt Management - Operating cash flow per share improved significantly to 0.12 yuan, a year-on-year increase of 217.46% [1]. - The company reported a 155.71% increase in short-term borrowings due to cash flow management strategies [4]. - Long-term borrowings also increased as part of the cash flow management strategy [4]. Asset and Investment Changes - Fixed assets increased by 18.93% due to the hydrogen energy industrial park reaching its intended use status [3][4]. - Construction in progress decreased by 83.52%, also attributed to the hydrogen energy industrial park reaching its intended use status [4]. Market and Operational Insights - The significant revenue growth is attributed to strong support from national industrial policies and a decline in natural gas prices, leading to increased market demand [4]. - Operating costs rose by 83.63% in line with revenue growth [4]. - Sales expenses increased by 73.01% due to higher market expansion costs related to international business [4]. Historical Performance Context - The company's historical return on invested capital (ROIC) has been generally low, with a median ROIC of 1.99% since its listing [5]. - The company has reported losses in five out of nine annual reports since its IPO, indicating a challenging financial history [5].