上海瀚讯2025年中报简析：营收上升亏损收窄，三费占比上升明显

Financial Performance - Shanghai Hanxun reported a total revenue of 173 million yuan for the first half of 2025, representing a year-on-year increase of 63.34% [1] - The net profit attributable to shareholders was -28.64 million yuan, showing a year-on-year improvement of 44.97% [1] - In Q2 2025, total revenue reached 47.97 million yuan, up 25.74% year-on-year, while the net profit attributable to shareholders was -41.87 million yuan, a slight increase of 0.33% year-on-year [1] Cost and Profitability Metrics - The gross profit margin decreased to 39.37%, down 42.11% year-on-year, while the net profit margin improved to -24.32%, an increase of 50.38% year-on-year [1] - The total of selling, administrative, and financial expenses accounted for 16.27% of total revenue, an increase of 48.65% year-on-year [1] - The company reported a significant increase in total expenses, with a total of 28.22 million yuan for the three expenses combined [1] Balance Sheet and Cash Flow - Cash and cash equivalents decreased to 888 million yuan, a decline of 34.17% year-on-year [1] - Interest-bearing liabilities increased to 1.005 billion yuan, up 39.23% year-on-year [1] - The company reported a negative operating cash flow per share of -0.18 yuan, which is an improvement of 11.22% year-on-year [1] Investment Insights - Analysts expect the company's performance in 2025 to yield a net profit of 32.68 million yuan, with an average earnings per share of 0.05 yuan [3] - The company has shown a historical median ROIC of 10.98%, although the worst year recorded a ROIC of -6.58% [3] - The company has experienced two loss years since its IPO, indicating a fragile business model [3] Fund Holdings - The largest fund holding Shanghai Hanxun is the Baoying Resource Optimal Mixed Fund, which holds 1.8683 million shares and has increased its position [4] - Other funds have shown varied movements, with some increasing their holdings while others have reduced or maintained their positions [4]