中达安2025年中报简析：净利润同比下降59.99%

Financial Performance - The company reported a net profit of 1.8478 million yuan for the first half of 2025, a year-on-year decrease of 59.99% [1] - Total operating revenue for the same period was 302 million yuan, down 8.48% year-on-year [1] - The gross profit margin increased to 25.41%, up 5.56% year-on-year, while the net profit margin fell to 1.03%, a decrease of 50.66% [1] Quarterly Analysis - In Q2 2025, the company achieved an operating revenue of 160 million yuan, a decline of 4.69% year-on-year [1] - The net profit for Q2 2025 was 4.5076 million yuan, showing a year-on-year increase of 10.12% [1] Cost and Expenses - Total sales, management, and financial expenses amounted to 57.6809 million yuan, representing 19.09% of revenue, an increase of 15.22% year-on-year [1] - The company’s operating cash flow per share was -0.11 yuan, an increase of 77.07% year-on-year [1] Balance Sheet Indicators - The company’s cash and cash equivalents increased by 28.29% year-on-year to 161 million yuan [1] - Accounts receivable rose by 30.19% year-on-year to 197 million yuan [1] - Interest-bearing debt increased by 16.11% year-on-year to 429 million yuan [1] Historical Performance - The company has a median Return on Invested Capital (ROIC) of 9.7% since its listing, with the worst year being 2022, which recorded a ROIC of -19.77% [3] - The company has reported losses in two out of seven annual reports since its listing, indicating a fragile business model [3] Cash Flow and Debt Concerns - The cash flow situation is concerning, with cash and cash equivalents to current liabilities ratio at 22.83% and a three-year average operating cash flow to current liabilities ratio of -1.04% [3] - The interest-bearing debt ratio has reached 29.74%, with a negative average operating cash flow over the past three years [3]