盈新发展上半年营收7.72亿元同比降50.97%，归母净利润-1.61亿元同比降432.51%，毛利率下降14.97个百分点

Core Viewpoint - Yingxin Development reported a significant decline in revenue and profit for the first half of 2025, indicating financial distress and operational challenges [1][2]. Financial Performance - The company's revenue for the first half of 2025 was 772 million yuan, a year-on-year decrease of 50.97% [1]. - The net profit attributable to shareholders was -161 million yuan, a year-on-year decline of 432.51% [1]. - The net profit after deducting non-recurring items was -164 million yuan, down 692.68% year-on-year [1]. - Basic earnings per share were -0.03 yuan [2]. Profitability Metrics - The gross profit margin for the first half of 2025 was 9.46%, a decrease of 14.97 percentage points year-on-year [2]. - The net profit margin was -20.17%, down 20.64 percentage points compared to the same period last year [2]. - In Q2 2025, the gross profit margin was 14.03%, a year-on-year decrease of 9.04 percentage points but an increase of 11.90 percentage points from the previous quarter [2]. - The net profit margin for Q2 2025 was -9.88%, a decline of 9.77 percentage points year-on-year but an increase of 26.80 percentage points from the previous quarter [2]. Expense Analysis - Total operating expenses for the first half of 2025 were 192 million yuan, a decrease of 16.75 million yuan year-on-year [2]. - The expense ratio was 24.83%, an increase of 11.59 percentage points compared to the same period last year [2]. - Sales expenses decreased by 9.12%, while management expenses decreased by 16.72% [2]. - Financial expenses increased by 23.92% year-on-year [2]. Shareholder Information - As of the end of the first half of 2025, the total number of shareholders was 75,200, an increase of 491 from the end of the previous quarter, representing a growth of 0.66% [2]. - The average market value of shares held per shareholder decreased from 132,800 yuan to 126,500 yuan, a decline of 4.77% [2]. Company Overview - Yingxin Development, established on June 25, 1993, and listed on October 29, 1996, is primarily engaged in real estate development and operation [3]. - The main business revenue composition includes 60.39% from residential property sales, 22.82% from cultural tourism, and 16.79% from other sources [3]. - The company is classified under the real estate development sector, focusing on residential development [3].