东方海洋2025年中报简析：增收不增利

Financial Performance - Dongfang Ocean reported a total revenue of 156 million yuan for the first half of 2025, a slight increase of 0.34% year-on-year [1] - The net profit attributable to shareholders was -71.01 million yuan, representing a significant decline of 71.23% compared to the previous year [1] - In Q2 2025, the total revenue was 80.77 million yuan, down 9.12% year-on-year, with a net profit of -48.91 million yuan, a decrease of 80.61% [1] Profitability Metrics - The gross margin was -0.92%, a decrease of 106.54% year-on-year, indicating a significant drop in profitability [1] - The net margin stood at -45.99%, down 71.51% from the previous year [1] - The total of selling, administrative, and financial expenses reached 54.57 million yuan, accounting for 34.97% of revenue, an increase of 2.36% year-on-year [1] Cash Flow and Assets - The company reported a negative operating cash flow per share of -0.03 yuan, which is an improvement of 41.54% year-on-year [1] - The net asset value per share decreased to 0.69 yuan, down 13.69% from the previous year [1] - The average return on invested capital (ROIC) over the past decade was -10.81%, with the worst year being 2022 at -674.95% [3] Financial Health Indicators - The company has faced negative net profits in 6 out of 18 annual reports since its listing, indicating a history of poor financial performance [3] - The average operating cash flow over the past three years was -132.48% relative to current liabilities, suggesting ongoing cash flow issues [3] - The accounts receivable increased by 30.99% year-on-year, reaching 79.08 million yuan, which raises concerns about the company's ability to collect payments [1]