美芝股份2025年中报简析：净利润同比下降55.25%，三费占比上升明显

Financial Performance - The company reported total revenue of 123 million yuan for the first half of 2025, a decrease of 66.47% year-on-year [1] - The net profit attributable to shareholders was -34.76 million yuan, down 55.25% year-on-year [1] - In Q2 2025, total revenue was 59.73 million yuan, a decline of 64.97% year-on-year, while the net profit attributable to shareholders was -13.52 million yuan, an increase of 47.64% compared to the previous quarter [1] Cost Structure - The total of financial, sales, and management expenses accounted for 29.79% of total revenue, an increase of 109.18% year-on-year [1] - The gross margin was -32.63%, a decrease of 20803.81% year-on-year, and the net margin was -37.42%, down 470.16% year-on-year [1] Key Financial Ratios - The company’s earnings per share (EPS) was -0.26 yuan, a decrease of 55.23% year-on-year [1] - The net asset per share was 0.69 yuan, down 72.25% year-on-year [1] - The operating cash flow per share was -0.18 yuan, an increase of 46.61% year-on-year [1] Historical Performance - The company has recorded a median Return on Invested Capital (ROIC) of 4.65% since its listing, indicating average investment returns [2] - The worst year for ROIC was 2024, with a value of -55.84%, reflecting poor investment returns [2] - The company has reported losses in 5 out of 7 annual reports since its listing [2] Cash Flow and Financial Health - The cash flow situation is concerning, with cash and cash equivalents to current liabilities ratio at only 7.74% [3] - The average net cash flow from operating activities over the past three years has been negative [3]