海新能科2025年中报简析：亏损收窄，盈利能力上升

Core Viewpoint - Haixin Energy Technology (300072) reported a decline in total revenue for the first half of 2025, but showed improvement in profitability metrics compared to the previous year [1] Financial Performance Summary - Total revenue for the first half of 2025 was 983 million yuan, a decrease of 21.57% year-on-year [1] - Net profit attributable to shareholders was -35.38 million yuan, an increase of 89.15% year-on-year [1] - In Q2 2025, total revenue was 742 million yuan, an increase of 1.27% year-on-year [1] - Q2 net profit attributable to shareholders was 14.52 million yuan, an increase of 106.97% year-on-year [1] - Gross margin improved by 92.26% year-on-year, while net margin increased by 73.12% year-on-year [1] Key Financial Ratios - Gross margin for the first half of 2025 was -0.35%, with a year-on-year increase of 92.26% [1] - Net margin for the same period was -8.02%, with a year-on-year increase of 73.12% [1] - Total expenses (selling, administrative, and financial) amounted to 191 million yuan, accounting for 19.42% of revenue, an increase of 9.17% year-on-year [1] - Earnings per share for the first half of 2025 was -0.02 yuan, an increase of 89.11% year-on-year [1] Cash Flow and Financial Health - Cash flow per share was -0.12 yuan, a decrease of 738.42% year-on-year [1] - Cash and cash equivalents were 481 million yuan, a decrease of 31.83% year-on-year [1] - The ratio of cash to total assets was only 6.2%, and cash to current liabilities was 32.82% [2] Project Updates - The company’s 20,000 tons/year biodiesel isomerization project in Shandong commenced production in May 2025, supplying qualified products [2] - The company has submitted applications for the export whitelist of bio-jet fuel and has secured overseas customers for bio-jet fuel [3]