阳煤化工2025年中报简析：亏损收窄

Core Viewpoint - Yangmei Chemical reported a narrowing loss in its 2025 interim financial results, with total revenue slightly declining and net profit improving year-on-year [1] Financial Performance - Total revenue for the first half of 2025 was 5.13 billion yuan, a decrease of 0.63% compared to 2024 [1] - The net profit attributable to shareholders was -229 million yuan, an improvement of 20.18% year-on-year [1] - In Q2 2025, total revenue reached 2.79 billion yuan, an increase of 15.96% year-on-year [1] - Q2 net profit attributable to shareholders was -88.77 million yuan, up 64.35% year-on-year [1] - Gross margin was 4.49%, down 11.19% year-on-year, while net margin was -4.93%, an increase of 24.62% [1] Cost and Expenses - Total selling, administrative, and financial expenses amounted to 310 million yuan, accounting for 6.04% of revenue, a decrease of 32.86% year-on-year [1] - The company's cash flow per share was -0.06 yuan, an increase of 12.31% year-on-year [1] Debt and Cash Flow - The company has a healthy cash asset position, with cash assets to current liabilities ratio at 38.47% [5] - The interest-bearing debt ratio reached 48.45%, indicating a significant level of debt [5] Business Model and Strategy - The company's performance is primarily driven by research and development, with ongoing exploration in the hydrogen energy sector [4][7] - The "Jinhua槽" technology focuses on large-scale low-energy hydrogen production and has completed its first batch of prototypes [7]