Core Viewpoint - Aerospace Software (688562) reported disappointing financial results for the first half of 2025, with significant declines in revenue and net profit compared to the previous year [1]. Financial Performance - The total revenue for the first half of 2025 was 323 million yuan, a decrease of 24.2% year-on-year [1]. - The net profit attributable to shareholders was -61.80 million yuan, reflecting a year-on-year decline of 21.59% [1]. - In Q2 2025, total revenue was 257 million yuan, down 25.99% year-on-year, while the net profit attributable to shareholders was -17.26 million yuan, an increase of 41.52% compared to the previous quarter [1]. - The gross profit margin improved to 23.08%, up 31.87% year-on-year, but the net profit margin was -18.84%, a decrease of 62.02% year-on-year [1]. Cost and Expenses - Total selling, administrative, and financial expenses amounted to 66.69 million yuan, accounting for 20.64% of revenue, which is an increase of 7.31% year-on-year [1]. - The company reported a per-share net asset value of 4.19 yuan, down 4.15% year-on-year, and a per-share operating cash flow of -0.85 yuan, an increase of 20.08% year-on-year [1]. Investment Returns - The company's historical return on invested capital (ROIC) has been poor, with a median ROIC of -0.29% since its listing, and a particularly low ROIC of -38.79% in 2019 [3]. - The company has experienced three years of losses since its listing, indicating a fragile business model [3]. Debt and Cash Flow - The company has a healthy cash position, but the average operating cash flow over the past three years has been negative, at -8.86% of current liabilities [3]. - Financial expenses have also been a concern, with the average net cash flow from operating activities being negative over the past three years [3]. Shareholder Engagement - The largest fund holding Aerospace Software shares is the China Merchants National Index 2000 Enhanced A, which has reduced its holdings recently [4]. - The company is actively addressing concerns regarding the extension of accounts receivable cycles and is implementing measures to improve collection efficiency [4].
航天软件2025年中报简析：净利润同比下降21.59%