盛洋科技2025年中报简析：增收不增利

Core Insights - The company reported an increase in revenue but a decline in net profit for the first half of 2025, indicating a challenging financial environment [1][3] - The gross profit margin improved, while the net profit margin decreased significantly, reflecting rising costs and expenses [1][3] Financial Performance - Total revenue for the first half of 2025 reached 416 million yuan, a year-on-year increase of 16.62% compared to 357 million yuan in 2024 [1] - The net profit attributable to shareholders was 5.04 million yuan, down 1.74% from 5.13 million yuan in the previous year [1] - The second quarter revenue was 232 million yuan, up 25.33% year-on-year, but the net profit for the same period was -1.22 million yuan, a decline of 186.33% [1] Profitability Metrics - Gross margin stood at 27.25%, an increase of 7.97% year-on-year, while net margin decreased to 1.49%, down 10.72% from the previous year [1] - Total selling, administrative, and financial expenses amounted to 84.74 million yuan, accounting for 20.36% of revenue, which is a 12.93% increase year-on-year [1] Cash Flow and Debt - Operating cash flow per share improved to 0.05 yuan, a significant increase of 149.41% year-on-year, while cash and cash equivalents decreased by 3.28% to 300 million yuan [1] - The company’s receivables increased by 23.59% to 301 million yuan, indicating potential liquidity issues [1] - Interest-bearing liabilities rose by 12.32% to 820 million yuan, leading to a debt-to-asset ratio of 42.16% [3] Historical Performance - The company has shown a median Return on Invested Capital (ROIC) of 3.84% since its listing, with a particularly poor performance in 2018, where ROIC was -7.54% [3] - The company has reported losses in two of the nine annual reports since its IPO, indicating a fragile business model [3]