*ST宝鹰2025年中报简析：亏损收窄，盈利能力上升

Core Viewpoint - *ST Baoying (002047) reported a significant decline in total revenue for the first half of 2025, with a year-on-year decrease of 74.35%, while the net profit attributable to shareholders showed an improvement, indicating a complex financial situation for the company [1] Financial Performance Summary - Total revenue for the first half of 2025 was 312 million yuan, down from 1.215 billion yuan in the same period of 2024, reflecting a decline of 74.35% [1] - The net profit attributable to shareholders for the first half of 2025 was -23.7584 million yuan, an improvement of 89.38% compared to -224 million yuan in the first half of 2024 [1] - The gross profit margin increased to 8.18%, up 17.94% year-on-year, while the net profit margin improved to -7.73%, a year-on-year increase of 58.03% [1] - Total expenses (selling, administrative, and financial) amounted to 37.8652 million yuan, accounting for 12.15% of revenue, a decrease of 18.87% year-on-year [1] - The company reported a negative net asset value per share of -0.02 yuan, a decrease of 203.57% year-on-year [1] - Operating cash flow per share was 0.02 yuan, an increase of 122.55% year-on-year, while earnings per share improved to -0.02 yuan, an increase of 86.67% year-on-year [1] Business Evaluation - The company's historical return on invested capital (ROIC) has been weak, with a median of 4.67% over the past decade and a particularly poor ROIC of -51.53% in 2022 [3] - The company has reported losses in five out of its 19 annual reports since going public, indicating a challenging financial history [3] Cash Flow and Debt Analysis - The cash flow situation is concerning, with cash and cash equivalents to current liabilities ratio at 58.42%, and the average operating cash flow over the past three years being -48.01% of current liabilities [3] - The debt situation is also a concern, with interest-bearing debt ratio reaching 31.72% and negative average operating cash flow over the past three years [3] - Financial expenses have been consistently negative in the past three years, indicating ongoing financial strain [3]