LAT(SZ:000697) Zheng Quan Zhi Xing·2025-08-28 22:59Core Viewpoint - ST炼石 (000697) reported a slight increase in total revenue and a reduction in net loss for the first half of 2025, indicating improved profitability metrics despite ongoing challenges [1] Financial Performance - Total revenue for the first half of 2025 reached 9.01 billion yuan, a year-on-year increase of 3.59% [1] - The net profit attributable to shareholders was -1.01 billion yuan, showing a year-on-year improvement of 24.18% [1] - In Q2 2025, total revenue was 4.67 billion yuan, up 4.91% year-on-year, while the net profit attributable to shareholders was -469.296 million yuan, an increase of 19.82% year-on-year [1] Profitability Metrics - Gross margin improved to 9.14%, reflecting a year-on-year increase of 2.03% [1] - Net margin was -11.27%, which is a significant improvement of 26.7% year-on-year [1] - Total selling, administrative, and financial expenses amounted to 1.62 billion yuan, accounting for 18.03% of revenue, a decrease of 23.7% year-on-year [1] Key Financial Ratios - Earnings per share (EPS) was -0.12 yuan, an increase of 24.16% year-on-year [1] - The company's net asset value per share decreased to 0.04 yuan, down 86.93% year-on-year [1] - Operating cash flow per share was -0.15 yuan, a decline of 103.11% year-on-year [1] Debt and Cash Flow Concerns - The company has a high interest-bearing debt ratio of 55.05%, indicating significant leverage [2] - Cash flow from operations has been negative over the past three years, raising concerns about liquidity [2] - The ratio of cash and cash equivalents to current liabilities is only 6.31%, suggesting potential cash flow issues [2]