慧辰股份2025年中报简析：营收上升亏损收窄

Core Viewpoint - Huichen Co., Ltd. (688500) reported an increase in revenue and a reduction in losses for the first half of 2025, indicating a positive trend in financial performance despite ongoing challenges [1]. Financial Performance Summary - Total operating revenue reached 202 million yuan, a year-on-year increase of 14.79% [1]. - Net profit attributable to shareholders was -32.0251 million yuan, improving by 11.11% year-on-year [1]. - In Q2 2025, operating revenue was 125 million yuan, up 19.16% year-on-year, while net profit attributable to shareholders was -14.368 million yuan, an increase of 16.34% year-on-year [1]. Key Financial Metrics - Gross margin stood at 23.01%, a decrease of 20.58% year-on-year [1]. - Net margin was -15.63%, reflecting a year-on-year improvement of 21.47% [1]. - Total selling, administrative, and financial expenses amounted to 74.824 million yuan, accounting for 37.11% of revenue, down 19.39% year-on-year [1]. - Earnings per share (EPS) was -0.44 yuan, an increase of 10.20% year-on-year [1]. - Operating cash flow per share was -0.12 yuan, showing an improvement of 80.85% year-on-year [1]. Debt and Asset Management - Cash and cash equivalents were reported at 315 million yuan, a slight increase of 1.25% [1]. - Accounts receivable decreased to 168 million yuan, down 6.19% year-on-year [1]. - Interest-bearing debt was reduced to 8.1089 million yuan, a decrease of 30.60% [1]. Historical Performance Insights - The company's historical median Return on Invested Capital (ROIC) is 10.64%, with the worst year being 2023 at -19.19% [3]. - The company has reported losses in four out of its eight years since listing, indicating a mixed financial history [3]. Cash Flow and Financial Health - The company has a healthy cash asset position, but the average operating cash flow over the past three years has been negative [4]. - Analysts expect the company's performance in 2025 to yield a net profit of 54 million yuan, with an average EPS forecast of 0.73 yuan [4].