启明星辰（002439）2025年中报简析：亏损收窄，盈利能力上升

Core Viewpoint - The recent financial report of Qiming Star (启明星辰) indicates a significant decline in revenue while showing improvements in profitability metrics such as gross margin and net margin [1]. Financial Performance - Total revenue for the first half of 2025 was 1.133 billion yuan, a decrease of 28.03% year-on-year [1]. - The net profit attributable to shareholders was -93.35 million yuan, an increase of 48.78% year-on-year [1]. - In Q2 2025, total revenue was 492 million yuan, down 24.47% year-on-year, with a net profit of -94.95 million yuan, a decline of 37.44% year-on-year [1]. - Gross margin improved to 59.91%, up 6.01% year-on-year, while net margin was -8.52%, an increase of 28.04% year-on-year [1]. - Total operating expenses (sales, management, and financial expenses) amounted to 512 million yuan, representing 45.17% of revenue, an increase of 19.05% year-on-year [1]. Key Financial Ratios - Earnings per share (EPS) was -0.08 yuan, an increase of 48.87% year-on-year [1]. - Operating cash flow per share was -0.13 yuan, an increase of 68.59% year-on-year [1]. - The company's net asset per share was 9.35 yuan, a decrease of 0.94% year-on-year [1]. Business Evaluation - The company's net margin last year was -6.86%, indicating low added value in products or services [3]. - The median Return on Invested Capital (ROIC) over the past decade was 13.84%, with the worst year being 2024 at -2.44% [3]. - The company has had a generally good financial history, with only one loss year since its IPO [3]. Strategic Insights - The new chairman, Yuan Jie, is focusing on establishing the company as a world-class cybersecurity firm and enhancing its collaboration with China Mobile [4]. - The company aims to strengthen its research and development capabilities and improve service quality to support China Mobile's digital initiatives [4]. - The emphasis is on making cybersecurity a core competency to drive the overall upgrade of the domestic cybersecurity industry [4].