固德威2025年中报简析：营收上升亏损收窄

Core Viewpoint - GCL-Poly (688390) reported a revenue increase and a narrowing loss in its 2025 mid-year financial report, indicating a positive trend in financial performance despite ongoing challenges [1]. Financial Performance - The total operating revenue reached 4.086 billion yuan, a year-on-year increase of 29.8% [1]. - The net profit attributable to shareholders was -16.598 million yuan, improving by 30.35% year-on-year [1]. - In Q2, the operating revenue was 2.204 billion yuan, up 9.01% year-on-year, with a net profit of 11.4303 million yuan, reflecting a significant increase of 129.02% year-on-year [1]. - Gross margin stood at 19.92%, down 12.49% year-on-year, while net margin improved to 0.38%, up 155.53% year-on-year [1]. - Total expenses (selling, administrative, and financial) amounted to 463 million yuan, accounting for 11.33% of revenue, a decrease of 15.21% year-on-year [1]. Balance Sheet Highlights - Cash and cash equivalents increased to 1.07 billion yuan, a rise of 45.66% year-on-year [1]. - Accounts receivable rose to 1.246 billion yuan, up 33.85% year-on-year [1]. - Interest-bearing debt surged to 1.487 billion yuan, an increase of 136.02% year-on-year [1]. Investment Metrics - The company's return on invested capital (ROIC) was 0.72%, indicating weak capital returns in recent years [3]. - Historical data shows a median ROIC of 16.65% since the company went public, with two years of losses [3]. - The cash flow situation is concerning, with cash and cash equivalents to current liabilities at only 35.27% [3]. Fund Holdings - The largest fund holding GCL-Poly is the GF High-end Manufacturing Stock A, with 6.2816 million shares newly entering the top ten holdings [4]. - Other funds have shown varied interest, with some increasing their positions while others have reduced their holdings [4].