富满微2025年中报简析：营收上升亏损收窄

Core Insights - The company reported a revenue increase and a reduction in losses for the first half of 2025, with total revenue reaching 383 million yuan, a year-on-year increase of 26.42% [1] - The net profit attributable to shareholders improved to -35.77 million yuan, reflecting a 25.2% year-on-year increase [1] Financial Performance - Total revenue for Q2 2025 was 214 million yuan, up 35.91% year-on-year [1] - Q2 net profit attributable to shareholders was -10.71 million yuan, an increase of 45.36% year-on-year [1] - Gross margin decreased to 10.94%, down 28.59% year-on-year, while net margin improved to -9.34%, a 40.83% increase year-on-year [1] - Total expenses (selling, administrative, and financial) amounted to 25.74 million yuan, accounting for 6.72% of revenue, a decrease of 38.31% year-on-year [1] Balance Sheet Highlights - Cash and cash equivalents increased significantly to 245 million yuan, a 92.19% year-on-year rise [1] - Accounts receivable rose to 247 million yuan, a 26.67% increase year-on-year [1] - Interest-bearing debt decreased slightly to 585 million yuan, down 3.13% year-on-year [1] Shareholder Metrics - Earnings per share improved to -0.16 yuan, a 27.27% increase year-on-year [1] - Net asset value per share decreased to 7.35 yuan, down 10.19% year-on-year [1] - Operating cash flow per share was -0.3 yuan, a significant decline of 248.94% year-on-year [1] Historical Context - The company's historical return on invested capital (ROIC) has been relatively low, with a median ROIC of 10.53% since its listing [3] - The company has experienced three years of losses since its IPO, indicating a fragile business model [3] - Cash flow concerns are highlighted, with cash and cash equivalents only covering 59.96% of current liabilities [3]