科隆股份2025年中报简析：净利润同比下降46.05%，公司应收账款体量较大

Financial Performance - The company reported total revenue of 259 million yuan for the first half of 2025, a decrease of 16.28% year-on-year [1] - The net profit attributable to shareholders was -24.21 million yuan, down 46.05% compared to the previous year [1] - The gross margin was 7.06%, reflecting a decline of 9.53% year-on-year, while the net margin was -9.32%, a significant drop of 72.71% [1] Cash Flow and Debt - The company’s cash and cash equivalents decreased by 55.45% to 33.46 million yuan [1] - The accounts receivable stood at 253 million yuan, down 5.81% year-on-year, indicating a large proportion of revenue tied up in receivables [1] - The interest-bearing debt decreased by 20.23% to 426 million yuan, but the company still faces a high debt-to-asset ratio of 42.24% [3] Cost Structure - Total selling, administrative, and financial expenses amounted to 36.35 million yuan, accounting for 14.02% of revenue, which is an increase of 16.97% year-on-year [1] - The company has consistently reported negative operating cash flow, with the average operating cash flow over the past three years being negative [3] Historical Performance - The company has a median Return on Invested Capital (ROIC) of -0.75% over the past decade, with the worst year being 2022 at -7.38% [3] - Out of the ten annual reports since its listing, the company has reported losses in six years, indicating a poor historical financial performance [3]