锐奇股份（300126）2025年中报简析：增收不增利

Core Viewpoint - Ruiqi Co., Ltd. reported a revenue increase but a significant decline in net profit for the first half of 2025, indicating challenges in profitability despite revenue growth [1] Financial Performance Summary - Total revenue for the first half of 2025 reached 239 million yuan, a year-on-year increase of 7.74% compared to 222 million yuan in 2024 [1] - The net profit attributable to shareholders was -14.4 million yuan, a decline of 185.96% from -503,530 yuan in the previous year [1] - The gross profit margin decreased to 11.56%, down 11.91% year-on-year from 13.13% [1] - The net profit margin fell to -6.02%, a decrease of 165.42% from -2.27% [1] - Total operating expenses (selling, administrative, and financial expenses) amounted to 29.49 million yuan, accounting for 12.33% of revenue, a decrease of 4.55% year-on-year [1] Cash Flow and Financial Position - Cash and cash equivalents increased by 33.84% due to an increase in US dollar demand deposits [3] - Contract liabilities rose by 95.95% due to an increase in customer prepayments [3] - The company reported a significant decrease in other receivables by 53.77%, attributed to a reduction in export VAT refunds [3] - The net cash flow from investing activities increased by 268.75%, primarily due to a decrease in the scale of purchased financial products [3] Business Evaluation - The company's historical return on invested capital (ROIC) has been weak, with a median of 0.25% over the past decade, indicating a fragile business model [4] - The company has experienced two years of losses since its listing, reflecting ongoing challenges in maintaining profitability [4] - The average operating cash flow over the past three years has been negative, raising concerns about the company's cash flow situation [4]