利群股份2025年中报简析：净利润同比下降65.94%，短期债务压力上升

Core Viewpoint - Recent financial results of Li Qun Co., Ltd. (601366) indicate a decline in both revenue and net profit, highlighting increased short-term debt pressure and poor financial health [1][3]. Financial Performance - Total revenue for the first half of 2025 was 3.718 billion yuan, a decrease of 3.08% year-on-year [1]. - Net profit attributable to shareholders was 7.4008 million yuan, down 65.94% compared to the previous year [1]. - In Q2 2025, total revenue was 1.575 billion yuan, showing a slight decline of 0.12% year-on-year [1]. - Q2 net profit attributable to shareholders was 2.2964 million yuan, a significant drop of 75.84% year-on-year [1]. - Gross margin was 31.29%, down 0.94% year-on-year, while net margin fell to 0.05%, a decrease of 89.34% [1]. Cost and Efficiency Metrics - Total selling, administrative, and financial expenses amounted to 1.118 billion yuan, accounting for 30.08% of revenue, a decrease of 2.23% year-on-year [1]. - Earnings per share were 0.01 yuan, down 66.67% year-on-year [1]. - Operating cash flow per share was 0.32 yuan, a decline of 11.97% year-on-year [1]. Debt and Liquidity - The current ratio reached 0.5, indicating rising short-term debt pressure [1][3]. - The company’s interest-bearing debt was reported at 26.6609 billion yuan, with a debt-to-asset ratio of 40.25% [3]. - Cash and cash equivalents were 753 million yuan, reflecting a 3.02% increase year-on-year [1]. Return on Investment - The company's return on invested capital (ROIC) for the previous year was 2.72%, indicating weak capital returns [3]. - Historical data shows a median ROIC of 6.45% since the company’s listing, with a notably poor ROIC of -0.06% in 2022 [3].