松炀资源2025年中报简析：亏损收窄

Core Viewpoint - Songyang Resources (603863) reported a narrowing loss in its 2025 mid-year financial results, with total revenue declining significantly year-on-year [1] Financial Performance - Total revenue for the first half of 2025 was 223 million yuan, a decrease of 37.22% compared to 355 million yuan in 2024 [1] - The net profit attributable to shareholders was -45.7 million yuan, an improvement of 23.86% from -60.0 million yuan in the previous year [1] - In Q2 2025, total revenue was 120 million yuan, down 43.24% year-on-year, while net profit attributable to shareholders was -27.7 million yuan, up 26.23% [1] Profitability Metrics - Gross margin was -5.89%, a decline of 39.63% from -4.22% in the previous year [1] - Net margin was -20.64%, down 21.93% from -16.93% [1] - Total selling, administrative, and financial expenses amounted to 31.2 million yuan, accounting for 13.99% of revenue, an increase of 9.8% year-on-year [1] Asset and Cash Flow Analysis - Cash and cash equivalents decreased by 47.23% to 13.1 million yuan [1] - Accounts receivable fell by 18.03% to 15.8 million yuan [1] - Interest-bearing liabilities decreased by 12.98% to 433 million yuan [1] - The company reported a negative operating cash flow per share of -0.1 yuan, an increase of 42.7% from -0.18 yuan [1] Historical Performance - The company's historical median Return on Invested Capital (ROIC) is 9.41%, with the worst year being 2024 at -19.82% [3] - The company has reported losses in three out of five years since its listing, indicating a fragile business model [3] Financial Health Indicators - The cash flow situation is concerning, with cash and cash equivalents to current liabilities at only 2.49% [4] - The interest-bearing debt ratio has reached 35.57%, with negative average operating cash flow over the past three years [4] - Financial expenses have been consistently negative in the last three years [4]