科森科技2025年中报简析：亏损收窄，盈利能力上升

Core Viewpoint - Kosen Technology (603626) reported a decline in total revenue for the first half of 2025, with a total revenue of 1.582 billion yuan, down 9.13% year-on-year, while the net profit attributable to shareholders improved by 34.51% to -105 million yuan [1] Financial Performance Summary - Total revenue for the first half of 2025 was 1.582 billion yuan, a decrease of 9.13% compared to 1.741 billion yuan in 2024 [1] - The net profit attributable to shareholders was -105 million yuan, an improvement of 34.51% from -161 million yuan in 2024 [1] - Gross margin increased by 43.57% to 7.66%, while net margin improved by 27.93% to -6.65% [1] - Total expenses (selling, administrative, and financial) amounted to 169 million yuan, accounting for 10.68% of revenue, an increase of 17.49% year-on-year [1] - Earnings per share improved by 34.3% to -0.19 yuan, while operating cash flow per share decreased by 36.01% to 0.11 yuan [1] Significant Changes in Financial Items - Accounts receivable decreased by 12.25% to 1.179 billion yuan [1] - Cash and cash equivalents decreased by 19.79% to 323 million yuan [1] - Other receivables increased significantly by 762.15%, attributed to government asset recovery compensation [4] - Contract liabilities increased by 50.35%, due to an increase in advance payments [6] - Tax payable increased by 279.03%, linked to increased government asset recovery taxes [7] - Other current liabilities decreased by 55.6%, due to a reduction in low-rated bank notes [9] - Net cash flow from operating activities decreased by 36.01%, attributed to increased payment for goods [10] Business Evaluation - The company's historical return on invested capital (ROIC) has been relatively low, with a median ROIC of 11.83% since its listing, and a particularly poor ROIC of -10.84% in 2024 [10] - The company has reported losses in four out of seven annual reports since its listing, indicating a generally poor investment outlook [10] Financial Health Indicators - The cash flow situation is concerning, with cash and cash equivalents covering only 24.9% of current liabilities [11] - The debt situation is also a concern, with interest-bearing debt to asset ratio reaching 28.33% [11]