嘉亨家化2025年中报简析：增收不增利

Core Insights - Jiaheng Jiahua reported a significant increase in revenue but a substantial decline in net profit for the first half of 2025, indicating challenges in profitability despite higher sales [1] Financial Performance - Total revenue reached 514 million yuan, a year-on-year increase of 21.72% [1] - Net profit attributable to shareholders was -32.14 million yuan, a decline of 489.78% compared to the previous year [1] - The second quarter saw total revenue of 295 million yuan, up 34.99% year-on-year, but net profit was -12.21 million yuan, down 381.37% [1] Profitability Metrics - Gross margin decreased to 14.98%, down 23.92% year-on-year [1] - Net margin was -6.26%, a drop of 384.54% compared to the previous year [1] - Total selling, administrative, and financial expenses amounted to 94.94 million yuan, accounting for 18.49% of revenue, a slight decrease of 0.63% year-on-year [1] Balance Sheet Highlights - Cash and cash equivalents decreased to 155 million yuan, down 16.89% year-on-year [1] - Accounts receivable increased to 320 million yuan, a rise of 30.79% [1] - Interest-bearing debt rose to 676 million yuan, an increase of 20.77% [1] Shareholder Metrics - Earnings per share were -0.32 yuan, a significant decline of 540.00% year-on-year [1] - Book value per share decreased to 8.68 yuan, down 8.24% [1] - Operating cash flow per share was 0.15 yuan, a decrease of 31.13% [1] Investment Return Analysis - Historical median ROIC since listing is 11.15%, with the worst year being 2024 at -0.84% [3] - The company has reported one loss year since its IPO, indicating potential underlying issues [3] Financial Health Indicators - Cash flow situation is concerning, with cash to current liabilities ratio at 51.41% [3] - Debt situation is also a concern, with interest-bearing debt to asset ratio at 35.51% [3] - Accounts receivable situation is critical, as the annual net profit attributable to shareholders is negative [3]