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如意集团2025年中报简析:净利润同比下降105%,三费占比上升明显

Core Viewpoint - Recently, Ruiyi Group (002193) reported a significant decline in its financial performance for the first half of 2025, with total revenue dropping by 32.25% year-on-year and a net loss of 957.26 million yuan, marking a 105% decline compared to the previous year [1] Financial Performance Summary - Total revenue for the first half of 2025 was 154 million yuan, down from 228 million yuan in 2024, representing a decrease of 32.25% [1] - The net profit attributable to shareholders was -95.73 million yuan, a decline of 105% from -46.70 million yuan in the previous year [1] - The gross profit margin decreased to 17.71%, down 4.25% year-on-year, while the net profit margin fell to -61.97%, a drop of 202.58% [1] - The total of selling, administrative, and financial expenses reached 63.02 million yuan, accounting for 40.8% of total revenue, which is an increase of 60.11% year-on-year [1] - Earnings per share were -0.37 yuan, a decrease of 105.56% compared to -0.18 yuan in the previous year [1] Cash Flow and Debt Analysis - The company's cash flow situation is concerning, with cash and cash equivalents to current liabilities ratio at only 0.99% and the average operating cash flow over the past three years to current liabilities ratio at 0.88% [3] - The interest-bearing debt ratio has reached 43.15%, and the ratio of interest-bearing debt to the average operating cash flow over the past three years is 93.56% [3] - The liquidity ratio is low at 0.44, indicating potential liquidity issues [3] Historical Performance Insights - Over the past decade, the median Return on Invested Capital (ROIC) has been weak at 1.84%, with the worst year being 2024, where ROIC was -24.4% [2] - The company has reported losses in four out of its 17 annual reports since going public, indicating a history of poor financial performance [2]