慧智微2025年中报简析：营收上升亏损收窄，盈利能力上升

Core Viewpoint - The recent financial report of Huizhiwei (688512) shows significant growth in revenue and improvements in profitability metrics, despite still reporting a net loss [1] Financial Performance - As of the end of the reporting period, the company's total revenue reached 355 million yuan, a year-on-year increase of 39.97% [1] - The net profit attributable to the parent company was -65.28 million yuan, reflecting a year-on-year improvement of 64.41% [1] - In Q2, total revenue was 218 million yuan, up 46.56% year-on-year, while the net profit attributable to the parent company was -68.85 million yuan, an increase of 32.69% year-on-year [1] - The gross margin improved to 8.54%, a year-on-year increase of 94.6%, and the net margin was -18.41%, up 74.57% year-on-year [1] Cost and Efficiency Metrics - Total selling, administrative, and financial expenses amounted to 46.92 million yuan, accounting for 13.24% of revenue, a decrease of 33.53% year-on-year [1] - The company's earnings per share improved to -0.14 yuan, a 65% increase year-on-year [1] - The operating cash flow per share was -0.51 yuan, showing a slight improvement of 1.51% year-on-year [1] Investment and Financial Health - The company has a historical median ROIC of -30.47%, indicating poor investment returns, with the worst year being 2019 at -88.77% [3] - The average operating cash flow over the past three years is -131.76% of current liabilities, suggesting cash flow concerns [3] - The accounts receivable increased significantly by 103.3% year-on-year, reaching 165 million yuan [1] Fund Holdings - The largest fund holding Huizhiwei is the Baoying Xiangyu Enhanced Return Mixed A fund, which holds 17,000 shares and has recently entered the top ten holdings [4]