*ST大晟2025年中报简析：增收不增利

Core Viewpoint - *ST Dazheng (600892) reported a significant increase in revenue but continued to incur losses, indicating challenges in profitability despite a 39.11% year-on-year increase in total operating revenue to 1.09 billion yuan [1] Financial Performance - Total operating revenue for the first half of 2025 reached 1.09 billion yuan, up 39.11% from 2024 [1] - Net profit attributable to shareholders was -33.73 million yuan, a decline of 116.84% compared to the previous year [1] - In Q2 2025, total operating revenue was 52.89 million yuan, reflecting a 40.65% increase year-on-year, while net profit attributable to shareholders was -23.59 million yuan, down 241.46% [1] Profitability Metrics - Gross margin decreased to 69.95%, down 23.46% year-on-year [1] - Net margin was -36.43%, a drop of 92.37% compared to the previous year [1] - Total selling, administrative, and financial expenses amounted to 88.49 million yuan, accounting for 81.35% of revenue, an increase of 9.15% year-on-year [1] Balance Sheet Indicators - Cash and cash equivalents decreased by 30.50% to 43.90 million yuan [1] - Accounts receivable increased by 235.86% to 34.05 million yuan [1] - Interest-bearing liabilities rose by 76.56% to 24.87 million yuan [1] Shareholder Metrics - Earnings per share was -0.06 yuan, a 100% decrease year-on-year [1] - Net asset value per share fell to 0.08 yuan, down 65.88% from the previous year [1] - Operating cash flow per share was -0.13 yuan, a decline of 305.11% year-on-year [1] Historical Performance - The company has a median ROIC of -6.72% over the past decade, indicating poor investment returns [3] - The company has reported losses in 15 out of 38 annual reports since its listing, suggesting a challenging financial history [3] Business Model Insights - The company's performance relies heavily on research and marketing efforts, necessitating a deeper analysis of these drivers [3] - Cash flow concerns are highlighted, with a cash to current liabilities ratio of only 18.03% [3]