ST天圣2025年中报简析：亏损收窄

Core Insights - ST Tian Sheng reported a narrowing loss in its 2025 interim financial results, with total revenue of 232 million yuan, a year-on-year decrease of 17.49% [1] - The company's net profit attributable to shareholders was -36.71 million yuan, an improvement of 14.84% compared to the previous year [1] Financial Performance - Total revenue for Q2 2025 was 117 million yuan, down 12.57% year-on-year [1] - Q2 net profit attributable to shareholders was -24.30 million yuan, a decline of 7.28% year-on-year [1] - Gross margin increased to 48.9%, up 8.54% year-on-year, while net margin decreased to -15.9%, down 2.72% year-on-year [1] - Total selling, administrative, and financial expenses amounted to 141 million yuan, accounting for 60.73% of revenue, an increase of 15.17% year-on-year [1] - Earnings per share were -0.12 yuan, an increase of 14.9% year-on-year, while operating cash flow per share rose significantly to 0.08 yuan, up 449% year-on-year [1] Historical Context - The company has a historical median ROIC of 1.39%, indicating average investment returns, with the worst year being 2020 at -13.77% [2] - Since its listing, the company has reported six years of losses out of seven annual reports, suggesting a generally poor financial performance [2] Business Model - The company's performance is primarily driven by marketing efforts, necessitating a thorough examination of the underlying factors influencing this drive [2] - Cash flow status is a critical area of focus, with the average operating cash flow over the past three years being only 13.81% of current liabilities [2]