古鳌科技2025年中报简析：亏损收窄

Core Insights - Guoao Technology (300551) reported a narrowing loss in its 2025 interim report, with total operating revenue of 72.2 million yuan, a year-on-year decline of 50.4% [1] - The company's net profit attributable to shareholders was -113 million yuan, showing a year-on-year improvement of 5.73% [1] - The gross margin dropped to 0.73%, a significant decrease of 98.92% compared to the previous year [1] Financial Performance - Total operating revenue decreased from 146 million yuan in 2024 to 72.2 million yuan in 2025, a decline of 50.4% [1] - The net profit attributable to shareholders improved slightly from -120 million yuan to -113 million yuan, a change of 5.73% [1] - The gross margin fell from 68.13% to 0.73%, a decrease of 98.92% [1] - The net margin worsened from -86.87% to -163.56%, a decline of 88.29% [1] - Total expenses (sales, management, and financial) amounted to 26.66 million yuan, accounting for 36.93% of revenue, down 50.71% year-on-year [1] Cash Flow and Assets - Cash and cash equivalents decreased from 202 million yuan to 162 million yuan, a decline of 19.79% [1] - Accounts receivable fell from 67.19 million yuan to 50.39 million yuan, a decrease of 25% [1] - The company reported a negative operating cash flow per share of -0.14 yuan, a significant drop of 859.88% year-on-year [1] Business Model and Investment Returns - The company's historical median Return on Invested Capital (ROIC) is 5.26%, indicating average investment returns [3] - The worst year for ROIC was 2024, with a value of -43.5%, reflecting poor investment returns [3] - The business model relies heavily on marketing, necessitating a thorough examination of the underlying drivers [3]