和展能源2025年中报简析：营收上升亏损收窄

Core Insights - Hezhang Energy reported an increase in revenue and a reduction in losses for the first half of 2025, with total operating revenue reaching 11.51 million yuan, up 11.92% year-on-year, and a net profit attributable to shareholders of -35.42 million yuan, improving by 33.43% compared to the previous year [1] Financial Performance - Total operating revenue for Q2 2025 was 10.71 million yuan, reflecting a significant year-on-year increase of 43.74% [1] - The net profit attributable to shareholders for Q2 2025 was -20.81 million yuan, an improvement of 18.79% year-on-year [1] - The gross margin was reported at -107.99%, a decrease of 309.52% year-on-year, while the net margin improved to -307.7%, an increase of 49.56% [1] - Total expenses (selling, administrative, and financial) amounted to 18.86 million yuan, representing 163.83% of revenue, a decrease of 71.13% year-on-year [1] Cash Flow and Assets - Cash and cash equivalents increased significantly to 98.5 million yuan, up 804.99% year-on-year [1] - Accounts receivable rose to 61.64 million yuan, a 153.19% increase compared to the previous year [1] - Interest-bearing liabilities decreased to 253 million yuan, down 61.99% year-on-year [1] Shareholder Metrics - The net asset value per share was reported at 3.26 yuan, a slight decrease of 2.91% year-on-year [1] - Earnings per share improved to -0.04 yuan, an increase of 32.81% year-on-year [1] - Operating cash flow per share was reported at 0.01 yuan, a significant increase of 110.32% year-on-year [1] Business Evaluation - The company's historical return on invested capital (ROIC) has been poor, with a median of -0.76% over the past decade and a worst year in 2024 at -2.58% [3] - The company has reported losses in 11 out of 36 annual reports since its listing, indicating a generally unfavorable investment outlook [3] Debt and Cash Flow Analysis - The company has a healthy cash position, but attention is needed on cash flow, as the average operating cash flow over the past three years has been -4.37% relative to current liabilities [3] - Financial expenses have been a concern, with negative net cash flow from operating activities over the past three years [3] - The accounts receivable situation is also critical, given the negative net profit attributable to shareholders [3]