万润新能2025年中报简析：营收上升亏损收窄，盈利能力上升

Group 1 - The core viewpoint of the article highlights Wanrun New Energy's financial performance in the 2025 mid-year report, showing significant revenue growth and improvements in profitability metrics despite a net loss [1] - The total operating revenue reached 4.436 billion yuan, a year-on-year increase of 50.49%, while the net profit attributable to shareholders was -266 million yuan, up 34.28% year-on-year [1] - In Q2, the operating revenue was 2.158 billion yuan, reflecting a 20.34% year-on-year increase, and the net profit attributable to shareholders was -110 million yuan, an increase of 59.93% year-on-year [1] Group 2 - The gross margin improved significantly, with a year-on-year increase of 284.13%, while the net margin also saw a year-on-year increase of 55.98% [1] - Total selling, administrative, and financial expenses amounted to 297 million yuan, accounting for 6.7% of revenue, which is a decrease of 30.17% year-on-year [1] - The earnings per share were -2.16 yuan, reflecting a year-on-year increase of 32.92% [1] Group 3 - The company's historical financial performance has been poor, with a median ROIC of -1.87% since its listing and a particularly low ROIC of -9.79% in 2023 [2] - The company has reported negative net profits in four out of its six years since listing, indicating a lack of investment appeal for value investors [2] - The company’s cash assets are reported to be healthy, but there are concerns regarding its cash flow and debt levels, with a cash flow to current liabilities ratio of only 46.02% [2][3]