ST华铭2025年中报简析：营收上升亏损收窄，盈利能力上升

Core Viewpoint - ST Huaming reported a significant improvement in its financial performance for the first half of 2025, with a notable increase in revenue and a reduction in net loss compared to the previous year [1]. Financial Performance - The total operating revenue for the first half of 2025 reached 307 million yuan, representing a year-on-year increase of 10.95% [1]. - The net profit attributable to shareholders was -11.98 million yuan, showing a year-on-year improvement of 64.84% [1]. - In Q2 2025, the operating revenue was 190 million yuan, up 64.21% year-on-year, while the net profit attributable to shareholders was -7.47 million yuan, an increase of 51.55% year-on-year [1]. Profitability Metrics - The gross margin increased to 31.66%, reflecting a year-on-year growth of 27.57% [1]. - The net margin improved to -3.27%, with a year-on-year increase of 72.8% [1]. - The total of selling, administrative, and financial expenses was 55.39 million yuan, accounting for 18.03% of revenue, a decrease of 2.73% year-on-year [1]. Cash Flow and Assets - The cash flow per share was 0.3 yuan, a significant increase of 156.69% year-on-year [1]. - The company’s cash assets were reported at 447 million yuan, up 16.92% from the previous year [1]. - The net asset value per share was 7.84 yuan, reflecting a year-on-year increase of 1.75% [1]. Debt and Financial Health - Interest-bearing liabilities decreased to 176 million yuan, a reduction of 27.24% year-on-year [1]. - The average operating cash flow over the past three years relative to current liabilities was 14.82%, indicating a healthy cash position [3].