三六零（601360）2025年中报简析：营收上升亏损收窄，三费占比上升明显

Core Insights - The company reported a total revenue of 3.827 billion yuan for the first half of 2025, representing a year-on-year increase of 3.67% [1] - The net profit attributable to shareholders was -282 million yuan, showing a year-on-year improvement of 17.43% [1] - The gross margin was 66.55%, up 5.46% year-on-year, while the net margin was -7.51%, an increase of 20.57% year-on-year [1] Financial Performance - In Q2 2025, the total revenue was 1.963 billion yuan, a slight decline of 0.45% year-on-year [1] - The net profit for Q2 was -8.616 million yuan, which is a significant year-on-year increase of 96.28% [1] - Total expenses (selling, administrative, and financial) accounted for 33.07% of total revenue, with a year-on-year increase of 38.74% [1] Cash Flow and Debt - The operating cash flow per share was -0.01 yuan, reflecting an 81.81% year-on-year increase [1] - The average operating cash flow over the past three years is only 13.44% of current liabilities, indicating a need for attention to cash flow status [2] Business Model and Historical Performance - The company's historical median Return on Invested Capital (ROIC) is 14.67%, with the worst year being 2022 at -8.43% [3] - The company has reported losses in three out of its years since listing, indicating a relatively weak business model [3] - The company relies heavily on research and development for its performance, necessitating a deeper analysis of the underlying drivers [3] Fund Holdings - The largest fund holding the company’s shares is the Jiashi Zhongzheng Software Service ETF, with 14.0699 million shares and a recent net value of 0.9836 [4] - Other notable funds include Tianhong Zhongzheng Computer ETF and Guotai Zhongzheng All-Index Software ETF, which have also increased their holdings [4]