凤形股份2025年中报简析：净利润同比下降44.18%

Financial Performance - The company reported a net profit of 7.28 million yuan for the first half of 2025, a decrease of 44.18% year-on-year [1] - Total operating revenue for the same period was 294.62 million yuan, down 2.46% compared to the previous year [1] - The gross profit margin was 17.95%, a decline of 5.77% year-on-year, while the net profit margin fell to 2.48%, down 42.78% [1] Quarterly Analysis - In Q2 2025, the company achieved an operating revenue of 141 million yuan, which is a 12.23% decrease year-on-year [1] - The net profit for Q2 2025 was 4.23 million yuan, reflecting a significant drop of 57.95% compared to the same quarter last year [1] Cost and Efficiency Metrics - Total selling, administrative, and financial expenses amounted to 43.63 million yuan, accounting for 14.85% of revenue, a slight decrease of 0.81% year-on-year [1] - The company reported a significant increase in operating cash flow per share, which reached 0.0 yuan, up 100.3% year-on-year [1] Asset and Liability Overview - Cash and cash equivalents decreased by 39.28% to 155 million yuan, while accounts receivable also fell by 20.33% to 124 million yuan [1] - Interest-bearing liabilities were reduced by 63.74% to 47.44 million yuan, indicating improved debt management [1] Historical Performance Insights - The company's historical return on invested capital (ROIC) has been average at 6.69%, with a notably poor performance in 2017, where ROIC was -12.61% [3] - The company has reported losses in three out of nine annual reports since its listing, indicating a fragile business model [3]