春兴精工2025年中报简析：净利润同比下降1.42%，短期债务压力上升

Core Viewpoint - The financial performance of Spring Engineering (002547) for the first half of 2025 shows a decline in revenue and net profit, indicating increased short-term debt pressure and poor profitability metrics [1][3]. Financial Performance Summary - Total revenue for the first half of 2025 was 977 million yuan, a decrease of 3.0% compared to 2024 [1]. - The net profit attributable to shareholders was -129 million yuan, down 1.42% year-on-year [1]. - In Q2 2025, total revenue was 521 million yuan, also a 3.0% decline year-on-year [1]. - The net profit for Q2 2025 was -82.55 million yuan, reflecting a 2.54% decrease [1]. Profitability Metrics - Gross margin was 7.09%, a decrease of 9.49% year-on-year [1]. - Net margin was -14.1%, down 6.97% compared to the previous year [1]. - Total selling, administrative, and financial expenses amounted to 147 million yuan, accounting for 15.05% of revenue, a decrease of 2.9% year-on-year [1]. Cash Flow and Debt Analysis - Cash and cash equivalents were 375 million yuan, a decline of 9.46% [1]. - Accounts receivable stood at 596.75 million yuan, down 3.24% [1]. - Interest-bearing liabilities increased to 3.014 billion yuan, a rise of 2.01% [1]. - The current ratio was 0.48, indicating increased short-term debt pressure [1][3]. Historical Performance Insights - The company's historical return on invested capital (ROIC) has been poor, with a median of -3.39% over the past decade [3]. - The worst year for ROIC was 2021, with a figure of -33.85% [3]. - The company has reported losses in 7 out of 13 annual reports since its listing, suggesting a lack of consistent profitability [3].