和达科技2025年中报简析：净利润同比下降281.72%，三费占比上升明显

Core Insights - The company reported a significant decline in revenue and net profit for the first half of 2025, with total revenue of 124 million yuan, down 36.09% year-on-year, and a net loss of 17.47 million yuan, a decrease of 281.72% compared to the previous year [1] Financial Performance - Total revenue for the second quarter was 86.31 million yuan, reflecting a year-on-year decrease of 25.68% [1] - The gross margin decreased to 31.56%, down 3.87% year-on-year, while the net margin fell to -14.13%, a drop of 250.33% [1] - The total of selling, administrative, and financial expenses reached 50.56 million yuan, accounting for 40.66% of total revenue, which is an increase of 71.06% year-on-year [1] - Earnings per share were reported at -0.16 yuan, a decrease of 300% year-on-year [1] Cash Flow and Debt - The company’s cash flow from operations per share was -0.72 yuan, an increase of 28.8% year-on-year [1] - The company’s interest-bearing debt rose significantly by 150.07% to 50.46 million yuan [1] - The average operating cash flow over the past three years relative to current liabilities is -1.41%, indicating a concerning cash flow situation [2] Business Model and Historical Performance - The company’s business model relies heavily on research and marketing, which requires careful examination of the underlying drivers [2] - Historical data shows a median Return on Invested Capital (ROIC) of 16.91%, with three years of losses since its listing, indicating a fragile business model [2]