斯莱克2025年中报简析：增收不增利

Core Viewpoint - Sileck (300382) reported a significant increase in revenue but a substantial decline in net profit for the first half of 2025, indicating challenges in profitability despite revenue growth [1][2]. Financial Performance - Total revenue reached 920 million yuan, a year-on-year increase of 37.62% [1]. - Net profit attributable to shareholders was -20.27 million yuan, a year-on-year decrease of 214.98% [1]. - In Q2, revenue was 388 million yuan, up 19.35% year-on-year, while net profit was -31.85 million yuan, a decline of 1058.47% [1]. Profitability Metrics - Gross margin stood at 15.72%, down 21.36% year-on-year [1]. - Net margin was -4.44%, a decrease of 351.61% year-on-year [1]. - Total selling, administrative, and financial expenses amounted to 159 million yuan, accounting for 17.26% of revenue, a decrease of 13.92% year-on-year [1]. Cash Flow and Equity - Earnings per share were -0.03 yuan, a decrease of 200.0% year-on-year [1]. - Operating cash flow per share was 0.08 yuan, an increase of 68.06% year-on-year [1]. - Book value per share was 3.49 yuan, up 2.11% year-on-year [1]. Historical Performance - The company's historical median Return on Invested Capital (ROIC) over the past decade was 8.27%, with the worst year being 2024 at -2.88% [2]. - The company has reported a loss in one of the ten annual reports since its listing, indicating a need for further investigation into underlying causes [2]. Financial Health Indicators - Cash flow situation is concerning, with cash and cash equivalents to current liabilities at only 38.11% and a negative average operating cash flow to current liabilities ratio of -0.87% over the past three years [2]. - Debt situation is also a concern, with interest-bearing debt ratio at 31.74% and negative average operating cash flow over the past three years [2]. - Financial expenses have been negative in recent years, indicating potential liquidity issues [2]. Investment Interest - The company is held by a prominent fund manager, Yan Siqian from Penghua Fund, who has recently increased holdings, suggesting potential confidence in the company's future performance [2].