Financial Performance - The company reported a total revenue of 966 million yuan for the first half of 2025, representing a year-on-year increase of 1.3% [1] - The net profit attributable to the parent company was -60.89 million yuan, showing a year-on-year improvement of 25.23% [1] - In Q2, total revenue reached 548 million yuan, up 6.14% year-on-year, while the net profit attributable to the parent company was -20.34 million yuan, an increase of 42.23% year-on-year [1] Profitability Metrics - The gross profit margin was 5.01%, down 5.81% year-on-year, while the net profit margin was -6.45%, an increase of 25.86% year-on-year [1] - The total of selling, administrative, and financial expenses was 54.98 million yuan, accounting for 5.69% of revenue, a decrease of 3.76% year-on-year [1] Cash Flow and Debt Analysis - The company had a significant amount of accounts receivable, which accounted for 47.01% of total revenue as per the latest annual report [1] - The cash flow per share was -0.22 yuan, but this represented a year-on-year increase of 91.7% [1] - The company’s cash flow situation is concerning, with a cash and cash equivalents to current liabilities ratio of only 30.75% and a negative average operating cash flow to current liabilities ratio of -38.62% over the past three years [2] Historical Performance and Investment Returns - The historical median Return on Invested Capital (ROIC) since the company’s listing is 6.23%, indicating average investment returns, with the worst year being 2024 at -17.13% [2] - The company has reported losses in two out of its four years since listing, suggesting a fragile business model [2]
天力锂能2025年中报简析：营收上升亏损收窄，公司应收账款体量较大