国林科技2025年中报简析：营收上升亏损收窄，盈利能力上升

Core Insights - Guolin Technology (300786) reported a total revenue of 259 million yuan for the first half of 2025, marking a year-on-year increase of 22.99% [1] - The company recorded a net profit attributable to shareholders of -9.88 million yuan, which is an improvement of 59.97% compared to the previous year [1] - The gross margin increased by 9.35% year-on-year to 19.79%, while the net margin improved by 67.1% to -4.16% [1] Financial Performance - Total revenue for Q2 2025 reached 144 million yuan, up 26.56% year-on-year [1] - Q2 net profit attributable to shareholders was -3.77 million yuan, reflecting an increase of 81.52% year-on-year [1] - The total of selling, administrative, and financial expenses was 37.07 million yuan, accounting for 14.32% of revenue, a decrease of 28.89% year-on-year [1] Key Financial Ratios - The company’s gross margin for the reporting period was 19.79%, up from 18.10% the previous year [1] - The net margin improved from -12.65% to -4.16% year-on-year [1] - Earnings per share improved from -0.13 yuan to -0.05 yuan, a year-on-year increase of 61.54% [1] Cash Flow and Assets - Cash flow per share was -0.05 yuan, an increase of 69.9% year-on-year [1] - The company’s cash and cash equivalents decreased by 42.01% to 76.31 million yuan [1] - Accounts receivable increased by 19.34% to 205 million yuan [1] Historical Performance - The company has a historical median ROIC of 9.82%, with the worst year being 2024 at -3.46% [3] - The company has reported losses in two out of five annual reports since its listing, indicating a fragile business model [3] - Cash flow metrics suggest potential concerns, with cash and cash equivalents representing only 7.89% of total assets [3]