THD(SZ:300397) Zheng Quan Zhi Xing·2025-08-29 22:59Core Viewpoint - Tianhe Defense (300397) reported disappointing financial results for the first half of 2025, with significant declines in revenue and net profit, indicating ongoing challenges in its business operations [1] Financial Performance - Total revenue for the first half of 2025 was 176 million yuan, a decrease of 14.72% year-on-year [1] - Net profit attributable to shareholders was -57.78 million yuan, down 109.06% compared to the previous year [1] - The gross margin was 25.54%, a decline of 16.45% year-on-year, while the net margin was -36.93%, a decrease of 122.6% [1] - Total expenses (selling, administrative, and financial) amounted to 67.48 million yuan, representing 38.3% of total revenue, an increase of 33.63% year-on-year [1] - Earnings per share were -0.11 yuan, a decrease of 120.0% year-on-year [1] Cash Flow and Debt Situation - Cash and cash equivalents decreased by 31.87% to 129 million yuan [1] - The company’s receivables increased by 21.73% to 184 million yuan [1] - Interest-bearing liabilities rose by 32.03% to 666 million yuan [1] - The cash flow situation is concerning, with a cash flow from operations per share of -0.16 yuan, down 34.71% year-on-year [1][3] Business Strategy and Focus - The company focuses on the research, production, and delivery of low-altitude defense equipment, aiming to enhance low-altitude air superiority capabilities [4] - Business operations are guided by market demand, with an emphasis on portable air defense missile intelligence command systems [4] - The company has developed a dual-use business layout, integrating military and civilian applications, with three main business systems: military equipment, communication electronics, and next-generation comprehensive electronic information [4]