丰元股份2025年中报简析：增收不增利

Core Viewpoint - Fengyuan Co., Ltd. reported a significant decline in net profit despite an increase in revenue, indicating potential operational challenges and financial instability [1][3]. Financial Performance - Total revenue for the first half of 2025 reached 723 million yuan, a year-on-year increase of 21.23% [1]. - The net profit attributable to shareholders was -243 million yuan, a year-on-year decrease of 201.29% [1]. - In Q2 2025, total revenue was 356 million yuan, down 15.49% year-on-year, with a net profit of -153 million yuan, reflecting a 268.52% decline [1]. Profitability Metrics - Gross margin was -18.13%, a decrease of 90.07% year-on-year [1]. - Net margin stood at -40.18%, down 132.48% compared to the previous year [1]. - The total of selling, administrative, and financial expenses was 65.46 million yuan, accounting for 9.05% of revenue, an increase of 20.12% year-on-year [1]. Cash Flow and Assets - Cash per share was 0.04 yuan, a decrease of 96.36% year-on-year [1]. - The company reported a decrease in cash and cash equivalents to 428 million yuan, down 20.73% [1]. - Accounts receivable dropped to 193 million yuan, a decline of 64.04% [1]. Debt and Financial Health - Interest-bearing liabilities were 1.636 billion yuan, a decrease of 6.51% [1]. - The company has a historical median Return on Invested Capital (ROIC) of 5.61%, with the worst year being 2024 at -7.96% [3]. - The cash flow situation is concerning, with a cash ratio of 30.08% and negative operating cash flow over the past three years [3].