有色金属半年报|精艺股份：中报利润四连降、毛利率不足3% 近3期中报经营净现金流均为负

Core Viewpoint - The company Jingyi Co., Ltd. has experienced significant revenue growth in the first half of 2025, with a year-on-year increase of 38.80% to 2.381 billion yuan, but its net profit has plummeted by 42.95% to 10.85 million yuan, indicating a "revenue without profit" situation that highlights its struggles in the copper processing sector amid intense competition and cost pressures [1][2]. Financial Performance - The company's revenue from 2021 H1 to 2025 H1 has shown volatility, with figures of 3.373 billion yuan, 2.622 billion yuan, 1.361 billion yuan, 1.715 billion yuan, and 2.381 billion yuan, reflecting year-on-year changes of 50.85%, -22.25%, -48.09%, 26.00%, and 38.80% respectively [2]. - The net profit attributable to the parent company has also declined for four consecutive periods, with values of 44 million yuan, 28 million yuan, 25 million yuan, 19 million yuan, and 11 million yuan, showing year-on-year changes of 289.77%, -35.86%, -13.27%, -22.33%, and -42.95% respectively [2]. Profitability Analysis - The company's profitability is notably low, with a gross margin of only 2.99% in the first half of 2025, down 0.47 percentage points year-on-year, and a net margin of just 0.46% [4][6]. - The core business of Jingyi Co., Ltd. is heavily focused on low-value-added copper pipe processing, which accounts for over 90% of its revenue, leading to a vicious cycle of "overcapacity—price wars—margin compression" [4][6]. Market Position and Challenges - The low technical barriers in copper pipe processing and insufficient product differentiation have resulted in strong bargaining power for customers, making it difficult for the company to escape the price pressures in the low-end market [6]. - The company lacks a portfolio of high-precision copper alloy and other high-end products, which further limits its ability to compete effectively [6]. Cash Flow Concerns - The company has reported negative net cash flow from operating activities for three consecutive years, with figures of -82 million yuan, -234 million yuan, and -203 million yuan for the first halves of 2023, 2024, and 2025 respectively [6].