汉邦高科2025年中报简析：增收不增利

Core Insights - Hanbang Gaoke (300449) reported a significant increase in revenue but a substantial loss in net profit for the first half of 2025, indicating a challenging financial situation [1] Financial Performance - Total operating revenue reached 81.76 million yuan, a year-on-year increase of 52.56% [1] - Net profit attributable to shareholders was -28.53 million yuan, a year-on-year decline of 919.22% [1] - The second quarter saw a slight decrease in revenue to 29.53 million yuan, down 1.13% year-on-year [1] - Gross margin fell to 4.83%, a decrease of 70.78% compared to the previous year [1] - Net margin was -35.01%, reflecting a significant drop of 569.13% year-on-year [1] Cost and Expenses - Total selling, administrative, and financial expenses amounted to 22.20 million yuan, accounting for 27.15% of revenue, a decrease of 33.56% year-on-year [1] - The company reported a significant increase in interest-bearing liabilities, rising by 272.63% to 56.19 million yuan [1] Shareholder Metrics - Earnings per share were -0.07 yuan, a drastic decline of 923.61% year-on-year [1] - The net asset value per share decreased to 0.87 yuan, down 19.66% from the previous year [1] - Operating cash flow per share was -0.30 yuan, a decline of 106.14% year-on-year [1] Historical Context - The company's historical return on invested capital (ROIC) has been low, with a median of 4.62% since its listing, and a particularly poor performance in 2021 with an ROIC of -106.75% [3] - The company has reported losses in five out of nine annual reports since its listing, indicating a pattern of financial instability [3] Cash Flow and Financial Health - The cash flow situation is concerning, with cash and cash equivalents covering only 83.63% of current liabilities [3] - The average operating cash flow over the past three years has been negative, raising red flags about the company's financial sustainability [3]