亚邦股份2025年中报简析：增收不增利

Group 1 - The core viewpoint of the news is that Yabong Co., Ltd. (603188) reported an increase in revenue but a significant decrease in net profit for the first half of 2025 [1] - The total operating revenue reached 402 million yuan, a year-on-year increase of 9.08%, while the net profit attributable to shareholders was 1.8643 million yuan, a year-on-year decrease of 76.5% [1] - In Q2, the operating revenue was 228 million yuan, up 20.9% year-on-year, but the net profit attributable to shareholders was -1.3204 million yuan, a year-on-year decline of 257.08% [1] Group 2 - The gross profit margin was 14.52%, an increase of 12.83% year-on-year, while the net profit margin was 0.26%, a decrease of 88.57% year-on-year [1] - Total sales, management, and financial expenses amounted to 50.2914 million yuan, accounting for 12.51% of revenue, a year-on-year decrease of 8.05% [1] - The company reported a net asset per share of 1.31 yuan, down 26.63% year-on-year, and an operating cash flow per share of -0.06 yuan, a decrease of 566.92% year-on-year [1] Group 3 - The historical financial performance indicates a median ROIC of -5.85% over the past decade, with the worst year being 2022 at -34.07% [2] - The company has reported losses in 6 out of the 10 years since its IPO, suggesting poor investment attractiveness [2] - The cash flow situation is concerning, with a cash and cash equivalents to current liabilities ratio of only 0.54% and a three-year average operating cash flow to current liabilities ratio of -30.59% [2]