华瑞股份2025年中报简析：增收不增利

Group 1 - The core viewpoint of the article indicates that Huari Co., Ltd. (300626) has experienced revenue growth but a significant decline in profit for the first half of 2025, with total revenue reaching 389 million yuan, a year-on-year increase of 12.79%, while net profit attributable to shareholders dropped by 55.4% to 4.7026 million yuan [1] - In Q2 2025, the company reported total revenue of 193 million yuan, up 4.95% year-on-year, but net profit attributable to shareholders fell by 48.91% to 2.7474 million yuan [1] - The financial indicators show a gross margin of 16.15%, down 16.59% year-on-year, and a net margin of 1.21%, down 60.46% year-on-year [1] Group 2 - The company's return on invested capital (ROIC) for the previous year was 0.48%, indicating weak capital returns, with a historical median ROIC of 7.24% since its listing [2] - The net profit margin for the previous year was -0.43%, suggesting low added value for its products or services [2] - The company has shown a fragile business model, with two years of losses out of seven annual reports since its listing [2] Group 3 - The cash flow situation is concerning, with cash and cash equivalents to current liabilities at only 24.85%, and the average operating cash flow to current liabilities over the past three years at 16.21% [2] - The debt situation is also a concern, with interest-bearing debt ratio reaching 21.51% [2]