“染料一哥”扣非净利润同比下滑，房产子公司现亏损

Core Viewpoint - Zhejiang Longsheng, a leading dye manufacturer in China, reported a decline in revenue and a mixed performance in net profit, raising concerns about its financial health amid significant acquisitions and long-term urban renewal projects [1][2]. Financial Performance - For the first half of 2025, Zhejiang Longsheng achieved revenue of 6.505 billion yuan, a year-on-year decrease of 6.47% [1]. - The net profit attributable to shareholders was 928 million yuan, reflecting a growth of 2.84% year-on-year, while the net profit after deducting non-recurring items was 583 million yuan, down 9.54% year-on-year [1]. - Short-term borrowings increased to approximately 9.053 billion yuan, up 14.26% from the end of 2024 [2]. - The company reported an increase in accounts receivable and notes payable, indicating a strategy to manage liquidity risks [2]. Business Segments - Zhejiang Longsheng's main profits stem from traditional manufacturing, particularly in dyes and intermediates, while it has also ventured into real estate, focusing on urban renewal projects in Shanghai [1][3]. - The company has invested over 30 billion yuan in real estate, with significant projects including Huaxing New City and the Bo Mao Plaza [5][6]. Urban Renewal Projects - The urban renewal projects undertaken by Zhejiang Longsheng are characterized by long capital return cycles, which have led to increased financial pressure [4][6]. - The company has established a policy response mechanism to monitor macroeconomic policies and adjust project operations accordingly [5][6]. - The real estate segment's asset proportion is high, and the company faces potential impacts from national macro-control policies [5]. Financial Risks - The company's real estate subsidiary has reported losses, contributing to a rise in contract liabilities to approximately 11.593 billion yuan, up from about 7.270 billion yuan at the end of 2024 [6]. - The asset-liability ratio of Shanghai Shengnuo, the parent company of Longsheng Bay and Huaxing New City, stands at 88.68%, exceeding the industry average [6][7]. - High inventory levels have been maintained, with inventory reported at approximately 29.469 billion yuan in the first half of 2025 [7].