冠中生态2025年中报简析：净利润同比下降137.2%，三费占比上升明显

Financial Performance - The company reported total revenue of 52.51 million yuan for the first half of 2025, a decrease of 52.33% year-on-year [1] - The net profit attributable to shareholders was -3.19 million yuan, representing a decline of 137.2% compared to the previous year [1] - The gross margin was 38.41%, down by 2.11% year-on-year, while the net margin was -6.07%, a significant drop of 178.01% [1] Cost Structure - The total of financial, sales, and management expenses reached 28.41 million yuan, accounting for 54.11% of total revenue, which is an increase of 106.59% year-on-year [1] - The company’s operating cash flow per share was 0.09 yuan, an increase of 141.74% year-on-year, despite the overall negative profit [1] Debt and Cash Flow - The company has a healthy cash position with monetary funds amounting to 175 million yuan, a 12.20% increase year-on-year [2] - The accounts receivable increased significantly to 531 million yuan, a rise of 72.83% compared to the previous year [1] - The interest-bearing debt remained relatively stable at 387 million yuan, showing a slight decrease of 0.60% [1] Business Operations - The company primarily acquires projects through bidding and business negotiations, leveraging established channels and a strong reputation in the industry [3]