SGT(SZ:002808) Zheng Quan Zhi Xing·2025-08-27 22:56Core Viewpoint - *ST Hengjiu (002808) reported a mixed financial performance for the first half of 2025, with a significant increase in revenue but a substantial decline in net profit, indicating ongoing financial challenges for the company [1]. Financial Performance Summary - The total operating revenue for the first half of 2025 reached 95.93 million yuan, a year-on-year increase of 29.68% compared to 73.98 million yuan in the same period of 2024 [1]. - The net profit attributable to shareholders was -20.99 million yuan, reflecting a year-on-year decline of 62.73% from -12.90 million yuan in 2024 [1]. - The gross profit margin decreased to 8.61%, down 18.32% from 10.54% in the previous year [1]. - The net profit margin was -23.76%, a decrease of 30.82% from -18.16% in 2024 [1]. - Total expenses (selling, administrative, and financial) accounted for 20.12% of revenue, an increase of 32.67% from 15.16% in the previous year [1]. Cash Flow and Financial Health - The company reported a negative operating cash flow per share of -0.05 yuan, a decrease of 16.17% from -0.04 yuan in 2024 [1]. - The average operating cash flow over the past three years was significantly negative, with a ratio of -43.52% to current liabilities [2]. - The company’s cash and cash equivalents decreased by 53.80% to 51.47 million yuan from 111 million yuan in the previous year [1]. Accounts Receivable and Debt - Accounts receivable increased by 65.50% to 68.10 million yuan from 41.15 million yuan in 2024 [1]. - Interest-bearing liabilities rose by 11.73% to 44.69 million yuan from 40 million yuan in the previous year [1].