盛通股份2025年中报简析：亏损收窄

Core Viewpoint - The financial report of Shengtong Co., Ltd. (002599) for the first half of 2025 shows a narrowing loss, with total revenue declining slightly and a significant improvement in net profit compared to the previous year [1] Financial Performance Summary - Total revenue for the first half of 2025 was 982 million yuan, a decrease of 2.86% year-on-year [1] - The net profit attributable to shareholders was -6.57 million yuan, an improvement of 59.18% year-on-year [1] - In Q2 2025, total revenue was 528 million yuan, a slight increase of 0.02% year-on-year, while net profit attributable to shareholders was 3.41 million yuan, up 142.56% year-on-year [1] Key Financial Ratios - Gross margin was 14.29%, down 2.66% year-on-year [1] - Net margin was -0.66%, an improvement of 58.80% year-on-year [1] - Total selling, administrative, and financial expenses amounted to 128 million yuan, accounting for 13.08% of revenue, a decrease of 7.77% year-on-year [1] Cash Flow and Assets - Cash flow per share was 0.11 yuan, a significant increase of 1663.44% year-on-year [1] - The company's net asset value per share was 2.28 yuan, down 14.24% year-on-year [1] - The company had 202 million yuan in cash and cash equivalents, a decrease of 17.38% year-on-year [1] Historical Performance Insights - The company's historical return on invested capital (ROIC) has been weak, with a median of 3.5% over the past decade and a worst year ROIC of -20.91% in 2020 [3] - The company has reported losses in 2 out of 13 annual reports since its listing, indicating a fragile business model [3] - The cash flow situation is concerning, with cash and cash equivalents covering only 31.51% of current liabilities [3]