东方中科2025年中报简析：营收上升亏损收窄

Core Insights - Dongfang Zhongke (002819) reported a slight increase in revenue and a reduction in losses for the first half of 2025, with total operating revenue of 1.348 billion yuan, up 0.04% year-on-year, and a net profit attributable to shareholders of -49.34 million yuan, improving by 5.21% year-on-year [1] Financial Performance - The second quarter of 2025 saw operating revenue of 733 million yuan, an increase of 5.61% year-on-year, while the net profit attributable to shareholders was -14.76 million yuan, up 37.72% year-on-year [1] - Gross margin stood at 19.0%, down 7.34% year-on-year, while net margin improved to -5.13%, an increase of 11.27% year-on-year [1] - Total selling, administrative, and financial expenses amounted to 224 million yuan, accounting for 16.62% of revenue, a decrease of 7.3% year-on-year [1] - Earnings per share remained at -0.17 yuan, with a year-on-year increase of 4.64% [1] Balance Sheet Highlights - Cash and cash equivalents increased by 29.88% year-on-year to 327 million yuan [1] - Accounts receivable rose by 4.03% year-on-year to 1.017 billion yuan [1] - Interest-bearing liabilities increased by 9.83% year-on-year to 136 million yuan [1] Historical Context - The company's historical return on invested capital (ROIC) has been relatively low, with a median ROIC of 10.39% since its listing, and a particularly poor ROIC of -7.09% in 2024 [3] - The company has reported losses in two of the eight annual reports since its listing, indicating a fragile business model [3]