国中水务2025年中报简析：净利润同比下降453.63%，存货明显上升

Core Insights - The company Guozhong Water (600187) reported a significant decline in financial performance for the first half of 2025, with total revenue of 77.04 million yuan, down 9.89% year-on-year, and a net loss attributable to shareholders of 18.32 million yuan, a decrease of 453.63% compared to the previous year [1] - The second quarter of 2025 saw an even sharper decline, with total revenue of 25.10 million yuan, down 41.1% year-on-year, and a net loss of 17.29 million yuan, a staggering decrease of 638.32% [1] - The company's gross margin fell to 21.95%, a decrease of 30.57% year-on-year, while the net margin turned negative at -28.67%, a drop of 810.41% [1] Financial Performance - Total revenue for the first half of 2025 was 77.04 million yuan, compared to 85.49 million yuan in the same period of 2024, reflecting a decline of 9.89% [1] - The net profit attributable to shareholders for the first half of 2025 was -18.32 million yuan, compared to a profit of 0.518 million yuan in 2024, marking a decrease of 453.63% [1] - The company's gross margin decreased from 31.62% in 2024 to 21.95% in 2025, while the net margin shifted from 4.04% to -28.67% [1] Cost Structure - Total selling, administrative, and financial expenses amounted to 47.59 million yuan, accounting for 61.77% of total revenue, an increase of 15.88% year-on-year [1] - The company's operating cash flow per share was -0.02 yuan, a decrease of 17.02% compared to the previous year [1] Asset and Liability Management - Inventory levels increased significantly, with a year-on-year growth of 33.53% [1] - Accounts receivable decreased by 38.90%, from 423 million yuan to 259 million yuan [1] - Interest-bearing debt was reduced by 53.28%, from 123 million yuan to 57.68 million yuan [1] Investment Returns - The company's return on invested capital (ROIC) was reported at 1.34%, indicating weak capital returns over recent years [3] - Historical data shows a median ROIC of 0.84% over the past decade, with a particularly poor performance in 2022, where ROIC was -3.63% [3] Debt Servicing Capability - The company maintains a healthy cash asset position, which is crucial for its debt servicing capabilities [3]