华安鑫创2025年中报简析：净利润同比下降34.83%

Core Viewpoint - Huaan Xinchuan (300928) reported a significant decline in net profit and revenue for the first half of 2025, indicating ongoing financial struggles and a weak business model [1][3]. Financial Performance Summary - The total operating revenue for the first half of 2025 was 419 million yuan, a decrease of 2.62% year-on-year [1]. - The net profit attributable to shareholders was -38.02 million yuan, reflecting a year-on-year decline of 34.83% [1]. - The gross profit margin fell to 6.19%, down 23.87% compared to the previous year [1]. - The net profit margin was -8.34%, a decrease of 38.88% year-on-year [1]. - Total expenses (selling, administrative, and financial) amounted to 37.03 million yuan, representing 8.83% of revenue, an increase of 21.73% year-on-year [1]. Cash Flow and Financial Health - The average operating cash flow per share was 0.11 yuan, down 37.55% year-on-year [1]. - The company has a concerning cash flow situation, with a three-year average of operating cash flow to current liabilities at -5.64% [4]. - Financial expenses have been a point of concern, with the net cash flow from operating activities being negative over the past three years [4]. Investment Return Metrics - The historical median Return on Invested Capital (ROIC) since the company’s listing is 12.85%, but the worst year recorded a ROIC of -5.69% in 2024, indicating poor investment returns [3]. - The company has reported losses in two out of four annual reports since its listing, suggesting a fragile business model [3].