兴图新科2025年中报简析：增收不增利，盈利能力上升

Core Viewpoint - The recent financial report of Xingtou Xinke (688081) shows a mixed performance with an increase in revenue but a decline in net profit, indicating challenges in profitability despite some improvements in margins [1] Financial Performance Summary - Total revenue for the first half of 2025 reached 61.85 million yuan, up 8.49% year-on-year [1] - The net profit attributable to shareholders was -30.39 million yuan, a decrease of 9.94% year-on-year [1] - In Q2 2025, total revenue was 43.78 million yuan, reflecting an 11.39% increase year-on-year [1] - The net profit for Q2 2025 was -10.33 million yuan, showing a 29.76% improvement year-on-year [1] Profitability Metrics - Gross margin increased to 56.8%, up 1.81% year-on-year [1] - Net margin improved slightly to -48.38%, an increase of 2.12% year-on-year [1] - Total selling, administrative, and financial expenses amounted to 38.00 million yuan, accounting for 61.44% of revenue, down 14.64% year-on-year [1] Balance Sheet Highlights - Cash and cash equivalents decreased to 86.19 million yuan, down 7.18% year-on-year [1] - Accounts receivable increased to 221 million yuan, up 6.66% year-on-year [1] - Interest-bearing debt rose significantly to 65.56 million yuan, an increase of 56.25% year-on-year [1] Shareholder Metrics - Net asset value per share decreased to 3.94 yuan, down 17.06% year-on-year [1] - Earnings per share were -0.30 yuan, a decline of 11.11% year-on-year [1] - Operating cash flow per share was -0.24 yuan, a significant drop of 95.20% year-on-year [1] Business Evaluation - The company's historical return on invested capital (ROIC) has been low, with a median of 3.49% since its listing, indicating average investment returns [1] - The worst year for ROIC was 2024, at -15.25%, highlighting significant challenges in generating returns [1] - The company has reported losses in four out of its five financial years since going public, suggesting a generally poor financial performance [1]