ST香雪2025年中报简析：净利润同比下降72.96%，短期债务压力上升

Core Viewpoint - ST Xiangxue reported disappointing financial results for the first half of 2025, with significant declines in revenue and net profit compared to the previous year [1][3]. Financial Performance - Total revenue for the first half of 2025 was 818 million yuan, a decrease of 25.4% year-on-year [1]. - The net profit attributable to shareholders was -234 million yuan, down 72.96% year-on-year [1]. - In Q2 2025, total revenue was 397 million yuan, a decline of 24.77% year-on-year, with a net profit of -146 million yuan, down 46.79% year-on-year [1]. Profitability Metrics - Gross margin was 28.53%, a decrease of 13.69% year-on-year [1]. - Net margin was -26.61%, a decline of 141.38% year-on-year [1]. - Total selling, administrative, and financial expenses amounted to 365 million yuan, accounting for 44.59% of revenue, an increase of 20.42% year-on-year [1]. Balance Sheet Indicators - Current ratio reached 0.27, indicating increased short-term debt pressure [1]. - Cash and cash equivalents were 96.22 million yuan, down 5.98% year-on-year [1]. - Accounts receivable increased to 903 million yuan, up 10.97% year-on-year [1]. Shareholder Metrics - Earnings per share were -0.35 yuan, a decrease of 75.0% year-on-year [1]. - Net asset value per share was 1.24 yuan, down 54.12% year-on-year [1]. - Operating cash flow per share was -0.07 yuan, a significant decline of 637.6% year-on-year [1]. Business Evaluation - The company's historical return on invested capital (ROIC) has been weak, with a median of 3.01% over the past decade [3]. - The worst year for ROIC was 2024, at -14.88%, indicating poor investment returns [3]. - The business model relies heavily on marketing-driven performance, necessitating further investigation into the underlying drivers [3]. Financial Health Indicators - Cash flow situation is concerning, with cash to current liabilities ratio at 1.98% and average operating cash flow to current liabilities at 3.5% over the past three years [3]. - Debt situation is also alarming, with interest-bearing debt ratio at 29.73% and total interest-bearing debt to average operating cash flow ratio at 12.98% [3]. - Financial expenses are high, with financial expenses to average operating cash flow ratio at 136.16% [3].