华星创业：2025年上半年亏损2631.82万元

Financial Performance - The company's operating revenue for the current reporting period is approximately 292.84 million yuan, down from 343.85 million yuan in the same period last year, representing a decline of about 14.85% [1] - The net profit attributable to shareholders is -26.32 million yuan, compared to -22.76 million yuan in the previous year, indicating a worsening loss [1] - The net profit after deducting non-recurring gains and losses is -25.63 million yuan, slightly worse than -24.31 million yuan from the previous year [1] - The net cash flow from operating activities is -34.54 million yuan, an improvement from -62.02 million yuan year-on-year [1][27] - The basic and diluted earnings per share are both -0.0517 yuan, compared to -0.0447 yuan in the previous year [1] Asset and Liability Changes - Total assets at the end of the current reporting period amount to approximately 895.32 million yuan, down from 970.22 million yuan at the end of the previous year [1] - The net assets attributable to shareholders decreased to 552.84 million yuan from 580.42 million yuan [1] - Significant changes in liabilities include a 148.45% increase in other payables, while short-term borrowings decreased by 26.01% [42] Shareholder Structure - The top ten shareholders include new entrants 温展锋 and 孙天娇, replacing previous shareholders [52] - As of August 29, 2025, 12.91% of the company's shares are under pledge, with the second-largest shareholder 李剑 pledging 95.8% of his holdings [52] Valuation Metrics - As of the closing price on August 29, the company's price-to-earnings ratio (TTM) is approximately -44.28, the price-to-book ratio (LF) is about 6.57, and the price-to-sales ratio (TTM) is around 5.68 [1]