*ST中地2025年中报简析：增收不增利

Core Viewpoint - *ST Zhongdi reported a significant increase in revenue but continued to face losses, indicating challenges in profitability despite higher sales figures [1][3]. Financial Performance - The company achieved total revenue of 13.246 billion yuan in the first half of 2025, a year-on-year increase of 41.3% [1]. - The net profit attributable to shareholders was -1.18 billion yuan, a decline of 20.9% compared to the previous year [1]. - In Q2 2025, total revenue was 1.476 billion yuan, showing a substantial decrease of 74.3% year-on-year [1]. - The gross margin was reported at 0.44%, a significant drop of 91.26% year-on-year [1]. - The net margin stood at -10.56%, a slight decrease of 0.15% year-on-year [1]. Cost and Expenses - Total selling, administrative, and financial expenses amounted to 1.258 billion yuan, accounting for 9.5% of revenue, which is a decrease of 15.25% year-on-year [1]. - The company reported a per-share net asset value of -6.37 yuan, a drastic decline of 544.27% year-on-year [1]. Cash Flow and Debt - The company had cash and cash equivalents of 8.844 billion yuan, reflecting a 9.83% increase year-on-year [1]. - The ratio of cash assets to current liabilities was only 20.72%, indicating potential liquidity concerns [5]. - The interest-bearing debt ratio reached 48.39%, suggesting a high level of leverage [5]. Accounts Receivable and Inventory - Accounts receivable increased significantly to 832 million yuan, a staggering rise of 473.55% year-on-year [1]. - The inventory-to-revenue ratio was reported at 386.46%, indicating potential issues with inventory management [6]. Business Model and Market Position - The company's business model is primarily driven by marketing efforts, necessitating a deeper analysis of the underlying factors influencing this drive [4]. - Historical data indicates a weak return on invested capital (ROIC), with a median of 1.79% over the past decade, and a particularly poor ROIC of -9.81% in 2024 [3].