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华斯股份2025年中报简析:净利润同比下降235.26%,三费占比上升明显

Financial Performance - The company reported a total revenue of 155 million yuan for the first half of 2025, a year-on-year decrease of 39.52% [1] - The net profit attributable to shareholders was -9.27 million yuan, representing a year-on-year decline of 235.26% [1] - In Q2 2025, the revenue was 64.78 million yuan, down 37.86% year-on-year, with a net profit of -10.53 million yuan, a decrease of 75.05% [1] - The gross margin improved to 30.3%, an increase of 13.9% year-on-year, while the net margin fell to -5.98%, a decrease of 323.67% [1] - Total expenses (selling, administrative, and financial) reached 53.35 million yuan, accounting for 34.43% of total revenue, an increase of 85.19% year-on-year [1] Cash Flow and Assets - The company reported cash and cash equivalents of 15.2 million yuan, a significant increase of 91.96% year-on-year [1] - Accounts receivable decreased to 33.12 million yuan, down 13.31% year-on-year [1] - Interest-bearing debt was 144 million yuan, a slight decrease of 3.96% year-on-year [1] - The operating cash flow per share was -0.03 yuan, an improvement of 77% year-on-year [1] Investment Metrics - The company's return on invested capital (ROIC) was 1.81% last year, indicating weak capital returns [3] - The historical median ROIC over the past decade was 0.73%, with a particularly poor performance in 2022 at -22.5% [3] - The net profit margin last year was 4.43%, suggesting low added value in products or services [3] Shareholder Information - The largest fund holding in the company is the NuAn Multi-Strategy Mixed A fund, which holds 2.1463 million shares and has increased its position [3] - The fund's current scale is 1.399 billion yuan, with a recent net value of 3.103, down 3.48% from the previous trading day, but up 127.83% over the past year [3]