新晨科技2025年中报简析：营收上升亏损收窄，盈利能力上升

Core Viewpoint - New Morning Technology (300542) reported a revenue increase of 9.28% year-on-year for the first half of 2025, with total revenue reaching 460 million yuan and a net profit loss of 12.99 million yuan, showing a 9.25% improvement in loss compared to the previous year [1] Financial Performance - Total revenue for the second quarter of 2025 was 336 million yuan, reflecting a significant year-on-year increase of 46.17% [1] - The gross profit margin improved to 17.77%, up 8.23% year-on-year, while the net profit margin was -2.94%, showing a 16.25% year-on-year improvement [1] - The total of selling, administrative, and financial expenses was 57.57 million yuan, accounting for 12.51% of revenue, which is a decrease of 11.31% year-on-year [1] Key Financial Metrics - Earnings per share improved to -0.04 yuan, a 20.00% increase year-on-year [1] - Operating cash flow per share was -0.83 yuan, reflecting a 20.64% improvement year-on-year [1] - The company’s cash and cash equivalents increased by 10.24% year-on-year to 289 million yuan, while interest-bearing liabilities decreased by 26.44% to 284 million yuan [1] Business Evaluation - The company's historical median Return on Invested Capital (ROIC) stands at 8.84%, with the worst year being 2024 at -7.89% [3] - The company has reported a net profit margin of -6.13% last year, indicating low added value in its products or services [3] Debt and Cash Flow Concerns - The cash flow situation is a concern, with cash and cash equivalents to current liabilities ratio at 72.91% [3] - The interest-bearing asset-liability ratio has reached 24.29%, indicating potential debt issues [3] Major Asset Restructuring - The company initiated a major asset restructuring in April 2025, actively engaging in audits, evaluations, and due diligence with intermediary institutions [4] - The restructuring was ultimately terminated due to a lack of consensus on core transaction terms after thorough negotiations [4]