近岸蛋白2025年中报简析：增收不增利

Core Viewpoint - The recent financial report of Nearshore Protein (688137) indicates a significant increase in revenue but a substantial decline in net profit, highlighting challenges in profitability despite revenue growth [1] Financial Performance - Total revenue for the first half of 2025 reached 72.09 million yuan, a year-on-year increase of 20.85% compared to 59.65 million yuan in 2024 [1] - The net profit attributable to shareholders was -24.22 million yuan, representing a 172.0% decline from -8.91 million yuan in the previous year [1] - The gross profit margin improved to 64.47%, up 1.82% from 63.32% in 2024, while the net profit margin fell to -33.60%, a decrease of 125.07% [1] Cost and Expenses - Total selling, administrative, and financial expenses amounted to 32.55 million yuan, accounting for 45.15% of revenue, which is a 14.64% decrease year-on-year [1] - The company reported a significant drop in operating cash flow per share to -0.20 yuan, down 160.45% from 0.33 yuan in the previous year [1] Asset and Liability Management - Cash and cash equivalents decreased by 31.58% to 774 million yuan from 1.131 billion yuan [1] - Accounts receivable increased by 13.96% to 66.55 million yuan, indicating potential liquidity concerns [1] - Interest-bearing debt decreased by 32.24% to 11.99 million yuan, reflecting improved debt management [1] Investment and Market Sentiment - The company has a historical median ROIC of 6.33%, indicating average investment returns, with a notably poor performance in 2018 [3] - The company has faced three years of losses since its listing, suggesting a fragile business model [3] - The largest fund holding Nearshore Protein is Huashang Flexible Allocation Mixed A, with a recent net asset value increase of 2.3% [4]