风光股份2025年中报简析：增收不增利

Core Viewpoint - Wind Power Co., Ltd. reported a significant increase in revenue but a substantial decline in net profit for the first half of 2025, indicating challenges in profitability despite revenue growth [1] Financial Performance - Total revenue for the first half of 2025 reached 576 million yuan, a year-on-year increase of 19.59% compared to 482 million yuan in 2024 [1] - The net profit attributable to shareholders was -40.23 million yuan, representing a 93.68% decline from -20.77 million yuan in the previous year [1] - In Q2 2025, total revenue was 288 million yuan, up 20.81% year-on-year, while net profit was -29.26 million yuan, a drastic decline of 264.61% [1] Profitability Metrics - Gross margin decreased to 3.26%, down 60.25% from 8.19% in the previous year [1] - Net margin was -6.96%, a decline of 61.37% from -4.31% [1] - The total of selling, administrative, and financial expenses was 42.01 million yuan, accounting for 7.3% of revenue, a decrease of 9.7% year-on-year [1] Balance Sheet Indicators - Cash and cash equivalents decreased to 574 million yuan, down 7.83% from 623 million yuan [1] - Accounts receivable increased to 356 million yuan, up 18.17% from 301 million yuan [1] - Interest-bearing debt rose to 67.74 million yuan, a 32.62% increase from 51.08 million yuan [1] Shareholder Metrics - Earnings per share (EPS) was -0.20 yuan, a 100% decline from -0.10 yuan [1] - Operating cash flow per share was -0.41 yuan, down 46.08% from -0.28 yuan [1] - Net asset value per share decreased to 9.97 yuan, a 5.0% decline from 10.49 yuan [1] Historical Context - The company's historical median Return on Invested Capital (ROIC) is 11.25%, with the worst year being 2024 at -3.27% [3] - The company has reported three annual financial statements since its listing, with one year of losses, indicating a need for further investigation into underlying causes [3] Debt Servicing Capability - The company maintains a healthy cash asset position, suggesting adequate liquidity for debt servicing [4] Accounts Receivable Concerns - Attention is advised on the accounts receivable situation, particularly given the negative net profit attributable to shareholders [5]