凌钢股份2025年中报简析：净利润同比下降10.76%

Core Viewpoint - Lingang Co., Ltd. reported a decline in net profit and revenue for the first half of 2025, indicating significant financial challenges and a deteriorating operational performance [1]. Financial Performance - The total operating revenue for the first half of 2025 was 7.378 billion yuan, a decrease of 27.62% year-on-year [1]. - The net profit attributable to shareholders was -578 million yuan, reflecting a year-on-year decline of 10.76% [1]. - In Q2 2025, the operating revenue was 3.497 billion yuan, down 30.18% year-on-year, with a net profit of -326 million yuan, a decline of 61.19% [1]. - The gross margin was -4.18%, a decrease of 7.99% year-on-year, while the net margin was -7.84%, down 53.03% year-on-year [1]. - Total expenses (selling, administrative, and financial) amounted to 204 million yuan, accounting for 2.76% of revenue, an increase of 13.93% year-on-year [1]. Key Financial Ratios - Earnings per share (EPS) was -0.21 yuan, a decrease of 16.67% year-on-year [1]. - The net asset per share was 1.75 yuan, down 27.23% year-on-year [1]. - The operating cash flow per share was 0.04 yuan, an increase of 127.37% year-on-year [1]. Business Evaluation - The company's historical return on invested capital (ROIC) has been weak, with a median of 3.54% over the past decade and a particularly poor ROIC of -17.15% in 2024 [3]. - The business model relies heavily on capital expenditures, necessitating scrutiny of the viability and necessity of these investments [3]. Cash Flow and Debt Situation - The cash flow situation is concerning, with cash and cash equivalents covering only 24.34% of current liabilities, and the average operating cash flow over the past three years being negative [4]. - The interest-bearing debt has reached 4.083 billion yuan, indicating a significant increase of 98.20% year-on-year [1]. - The interest-bearing asset-liability ratio stands at 27.03%, highlighting potential financial strain [4].