新赛股份2025年中报简析：增收不增利

Financial Performance - The company reported a total revenue of 2.633 billion yuan for the first half of 2025, a year-on-year increase of 437.02% [1] - The net profit attributable to shareholders was 6.5172 million yuan, a decrease of 12.24% compared to the previous year [1] - In Q2 2025, the total revenue reached 1.418 billion yuan, up 625.57% year-on-year, while the net profit was -11.6735 million yuan, down 482.64% [1] Profitability Metrics - The gross margin improved to 2.09%, an increase of 89.11% year-on-year, while the net margin fell to 0.11%, a decrease of 89.86% [1] - The total of selling, administrative, and financial expenses was 74.4466 million yuan, accounting for 2.83% of revenue, a decrease of 70.96% year-on-year [1] - Earnings per share remained at 0.01 yuan, reflecting a decrease of 12.5% year-on-year [1] Cash Flow and Debt Analysis - The company reported operating cash flow per share of 3.06 yuan, a significant increase of 426.61% year-on-year [1] - Cash assets are considered healthy, with cash and cash equivalents amounting to 1.653 billion yuan, a year-on-year increase of 178.44% [1] - The company has a high level of interest-bearing debt, which increased by 70.10% to 2.257 billion yuan [1] Historical Performance and Investment Return - The company's historical return on invested capital (ROIC) has been poor, with a median of -2.29% over the past decade, and a worst year in 2016 showing -37.58% [3] - The company has reported losses in 7 out of 21 annual reports since its listing, indicating a generally weak financial performance [3]