恒信东方2025年中报简析：增收不增利

Core Viewpoint - Hengxin Dongfang (300081) reported a revenue increase but a significant net loss in its 2025 interim report, indicating challenges in profitability despite higher sales [1] Financial Performance - Total revenue reached 185 million yuan, a year-on-year increase of 12.26% [1] - Net profit attributable to shareholders was -96.03 million yuan, a decline of 22.35% year-on-year [1] - In Q2, total revenue was 110 million yuan, up 43.94% year-on-year, while net profit was -61.80 million yuan, down 29.45% year-on-year [1] Profitability Metrics - Gross margin was 6.64%, a decrease of 67.28% year-on-year [1] - Net margin was -56.27%, a slight decline of 1.73% year-on-year [1] - Total selling, administrative, and financial expenses amounted to 81.70 million yuan, accounting for 44.22% of revenue, down 21.31% year-on-year [1] Shareholder Metrics - Earnings per share (EPS) was -0.16 yuan, a decrease of 22.34% year-on-year [1] - Book value per share was 1.84 yuan, down 24.97% year-on-year [1] - Operating cash flow per share was -0.10 yuan, a decline of 31.94% year-on-year [1] Historical Performance - The company has reported a median Return on Invested Capital (ROIC) of -10.13% over the past decade, with the worst year being 2024 at -28.67% [3] - The company has recorded six years of losses since its IPO, indicating poor historical financial performance [3] Cash Flow and Financial Health - Cash flow analysis shows that cash and cash equivalents to current liabilities ratio is only 38.13% [3] - The average net cash flow from operating activities over the past three years has been negative [3] - Inventory levels have reached 108.52% of revenue, raising concerns about inventory management [3]