农尚环境2025年中报简析：净利润同比下降654.92%，三费占比上升明显

Core Viewpoint - The recent financial report of Nongshang Environment (300536) indicates a significant decline in revenue and profit, raising concerns about the company's financial health and operational efficiency [1][2]. Financial Performance Summary - Total revenue for the first half of 2025 was 27.94 million yuan, a decrease of 71.91% compared to 99.47 million yuan in 2024 [1]. - The net profit attributable to shareholders was -12.48 million yuan, down 654.92% from 2.25 million yuan in the previous year [1]. - The gross margin fell to 23.95%, a decline of 22.3% year-on-year, while the net margin dropped to -50.7%, a decrease of 1113.12% [1]. - The total of selling, administrative, and financial expenses reached 18.12 million yuan, accounting for 64.85% of total revenue, an increase of 261.79% year-on-year [1]. Cash Flow and Financial Health - The company's cash flow situation is concerning, with cash and cash equivalents at 31.19 million yuan, a slight decrease of 0.27% from the previous year [2]. - The average operating cash flow over the past three years has been negative, indicating potential liquidity issues [2]. - The company's return on invested capital (ROIC) has been poor, with a historical median of 6.63% and a particularly low ROIC of -11.98% in 2024 [2]. Operational Concerns - The company has experienced three years of losses since its listing, suggesting a fragile business model [2]. - There are ongoing inquiries regarding the progress of the Xinjiang Akesu computing power project, with concerns about potential delays and their implications [3].