惠发食品2025年中报简析：净利润同比下降82.54%

Core Viewpoint - Huifa Food (603536) reported a significant decline in net profit and revenue for the first half of 2025, indicating ongoing financial struggles and a weak business model [1][3]. Financial Performance - The total revenue for the first half of 2025 was 735 million yuan, a decrease of 17.75% compared to 893 million yuan in the same period of 2024 [1]. - The net profit attributable to shareholders was -29.99 million yuan, reflecting an 82.54% decline from -16.43 million yuan in the previous year [1]. - The gross margin was 16.97%, down by 0.2% year-on-year, while the net margin fell to -3.64%, a decrease of 121.83% [1]. - Total expenses (selling, administrative, and financial) amounted to 138 million yuan, accounting for 18.77% of revenue, which is an increase of 13.38% year-on-year [1]. - Earnings per share were -0.12 yuan, a decrease of 71.43% from -0.07 yuan in the previous year [1]. Cash Flow and Debt Situation - The cash flow per share was 0.26 yuan, an increase of 15.83% year-on-year [1]. - The company's cash and cash equivalents decreased by 46.08% to 163 million yuan [1]. - The interest-bearing debt was 470 million yuan, down by 22.96% [1]. - The company's cash flow situation is concerning, with cash and cash equivalents covering only 29.55% of current liabilities [3]. Business Model and Return on Investment - The company's return on invested capital (ROIC) was 0.81%, indicating weak capital returns [3]. - The historical median ROIC since the company went public is 6.22%, with three years of losses out of seven annual reports, suggesting a fragile business model [3]. - The company's performance is primarily driven by marketing efforts, necessitating a deeper analysis of the underlying factors [3].