国林科技（300786）2025年中报简析：营收上升亏损收窄，盈利能力上升

Financial Performance - Company reported total revenue of 259 million yuan for the first half of 2025, a year-on-year increase of 22.99% [1] - Net profit attributable to shareholders was -9.88 million yuan, showing a year-on-year improvement of 59.97% [1] - Gross margin increased by 9.35% to 19.79%, while net margin improved by 67.1% to -4.16% [1] Quarterly Analysis - In Q2 2025, total revenue reached 144 million yuan, up 26.56% year-on-year [1] - Q2 net profit attributable to shareholders was -3.77 million yuan, reflecting an 81.52% year-on-year increase [1] Cost Management - Total selling, administrative, and financial expenses amounted to 37.07 million yuan, accounting for 14.32% of revenue, a decrease of 28.89% year-on-year [1] - The company’s operating cash flow per share improved by 69.9% to -0.05 yuan [1] Asset and Liability Management - Cash and cash equivalents decreased by 42.01% to 76.31 million yuan [1] - Accounts receivable increased by 19.34% to 205 million yuan [1] - Interest-bearing debt rose by 5.98% to 150 million yuan [1] Historical Performance - The company has a median ROIC of 9.82% since its listing, with the worst year being 2024 at -3.46% [3] - The company has reported losses in two out of five annual reports since its IPO, indicating a fragile business model [3]