华星创业2025年中报简析：净利润同比下降15.65%，公司应收账款体量较大

Financial Performance - The company reported total revenue of 293 million yuan for the first half of 2025, a year-on-year decrease of 14.84% [1] - The net profit attributable to shareholders was -26.32 million yuan, down 15.65% year-on-year [1] - In Q2 2025, total revenue was 158 million yuan, a decline of 14.41% compared to the same quarter last year [1] - The net profit for Q2 2025 was -11.74 million yuan, reflecting a 21.0% decrease year-on-year [1] Key Financial Ratios - Gross margin decreased to 11.33%, down 6.1% year-on-year [1] - Net margin was -9.57%, a decline of 38.12% compared to the previous year [1] - The ratio of selling, administrative, and financial expenses to revenue was 14.58%, an increase of 6.02% year-on-year [1] Balance Sheet Highlights - Accounts receivable accounted for 62.51% of the latest annual revenue [1] - Cash and cash equivalents decreased by 4.64% to 91.26 million yuan [1] - The company’s net asset value per share was 1.09 yuan, down 15.3% year-on-year [1] Historical Performance - The company has recorded a median ROIC of -2.18% over the past decade, indicating poor investment returns [3] - The company has reported losses in 6 out of its 15 annual reports since going public [3] Cash Flow and Financial Health - The cash flow situation is concerning, with cash and cash equivalents to current liabilities at only 33.74% [3] - Financial expenses have reached 120.97% of the average operating cash flow over the past three years [3]