中广核技2025年中报简析：净利润同比下降15.29%

Core Insights - The company, CGN Technology (中广核技), reported a net profit decline of 15.29% year-on-year for the first half of 2025, with total revenue decreasing by 8.29% to 2.593 billion yuan [1] - The second quarter showed a slight revenue increase of 0.94% year-on-year, but the net profit for this quarter fell significantly by 62.48% [1] Financial Performance - Total revenue for 2025 was 2.593 billion yuan, down from 2.828 billion yuan in 2024, reflecting an 8.29% decrease [1] - The net profit attributable to shareholders was -99.8153 million yuan, compared to -86.5778 million yuan in the previous year, marking a 15.29% decline [1] - Gross margin improved to 13.4%, up 6.86% year-on-year, while net margin decreased to -3.86%, down 32.87% [1] - Total expenses (selling, administrative, and financial) amounted to 382 million yuan, accounting for 14.73% of revenue, an increase of 3.66% year-on-year [1] Cash Flow and Debt Analysis - Cash flow per share was -0.06 yuan, a significant decline of 148.21% year-on-year, indicating cash flow challenges [1] - The company’s cash and cash equivalents increased by 35.53% to 1.48 billion yuan, while interest-bearing liabilities rose by 6.40% to 3.32 billion yuan [1] - The cash flow situation is concerning, with cash to current liabilities ratio at 55.56% and the average operating cash flow to current liabilities ratio at 17.41% over the past three years [4] Investment Returns - The company's historical return on invested capital (ROIC) has been weak, with a median of 5.13% over the past decade and a particularly poor ROIC of -6.93% in 2023 [3] - The company has reported losses in two of its 26 annual reports since going public, indicating a fragile business model [3]