HAIMO(SZ:300084) Zheng Quan Zhi Xing·2025-08-28 22:59Core Viewpoint - The recent financial report of Haimer Technology (300084) shows significant improvements in revenue and net profit, indicating a positive trend in the company's financial health [1]. Financial Performance - The total revenue for the first half of 2025 reached 197 million yuan, a year-on-year increase of 20.28% [1]. - The net profit attributable to shareholders was -12.56 million yuan, showing a year-on-year improvement of 66.67% [1]. - In Q2 2025, total revenue was 120 million yuan, up 21.36% year-on-year, with a net profit of 6.02 million yuan, reflecting a 136.48% increase [1]. Profitability Metrics - The gross margin increased to 45.13%, up 1.69% year-on-year, while the net margin improved to -6.67%, a significant increase of 67.99% [1]. - The total of selling, administrative, and financial expenses was 86.13 million yuan, accounting for 43.63% of revenue, down 18.75% year-on-year [1]. Balance Sheet Highlights - Cash and cash equivalents rose to 329 million yuan, a substantial increase of 164.41% [1]. - Interest-bearing liabilities decreased to 368 million yuan, down 28.44% year-on-year [1]. - The net asset value per share was 2.55 yuan, a decrease of 4.89% compared to the previous year [1]. Historical Context - The company has shown weak historical performance with a median ROIC of 1.72% over the past decade, indicating a fragile business model [3]. - The company has reported losses in three out of its fourteen annual reports since going public, highlighting ongoing challenges in its business operations [3].