至正股份2025年中报简析：增收不增利

Core Viewpoint - Zhizheng Co., Ltd. reported a revenue increase but a significant decline in profit for the first half of 2025, indicating challenges in maintaining profitability despite higher sales [1]. Financial Performance - The total revenue for the first half of 2025 reached 104 million yuan, a year-on-year increase of 6.03% compared to 98.25 million yuan in 2024 [1]. - The net profit attributable to shareholders was -22.648 million yuan, reflecting a year-on-year decline of 266.1% from -6.1863 million yuan in 2024 [1]. - The gross profit margin decreased to 9.67%, down 57.47% from 22.73% in the previous year [1]. - The net profit margin fell to -26.44%, a decrease of 370.59% from -5.62% in 2024 [1]. - Total expenses (selling, administrative, and financial) amounted to 27.6826 million yuan, accounting for 26.57% of revenue, which is an increase of 21.23% year-on-year [1]. Cash Flow and Debt - The cash flow per share was 0.15 yuan, showing a significant increase of 137.46% from -0.4 yuan in the previous year [1]. - The company’s cash and cash equivalents decreased by 50.45% to 21.4526 million yuan [1]. - The interest-bearing debt was reported at 123 million yuan, a reduction of 15.15% from 145 million yuan in 2024 [1]. Historical Performance - The company has a median Return on Invested Capital (ROIC) of 6.9% since its listing, with a particularly poor performance in 2021, where ROIC was -11.7% [3]. - Historically, the company has reported losses in 6 out of 7 annual reports since its IPO, indicating a trend of poor financial performance [3]. Recommendations - Attention is advised on the company's cash flow situation, as the ratio of cash to current liabilities is only 44.91%, and the average operating cash flow over the past three years has been negative [3]. - The company’s debt situation is concerning, with an interest-bearing asset liability ratio reaching 20.62% and negative average operating cash flow over the past three years [3]. - Monitoring of accounts receivable is recommended, given the negative net profit attributable to shareholders in the annual report [3].