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森麒麟半年报:原材料涨价净利润下降38% 存货大幅增长现金流承压

Core Insights - The company reported a slight increase in revenue but a significant decline in net profit, indicating challenges in maintaining profitability amid rising costs and external pressures [1] - The company's cash flow from operating activities experienced a drastic reduction, primarily due to increased expenditures related to new capacity in Morocco [1] Financial Performance - The company achieved an operating revenue of 4.119 billion, a year-on-year increase of 0.24%, while net profit attributable to shareholders was 672 million, down 37.64% year-on-year [1] - Operating costs rose by 13.21% due to significant increases in raw material prices, leading to a decrease in gross margin from 33.26% to 24.47% [1] Cash Flow and Debt - Operating cash flow plummeted by 96.3%, decreasing from 695 million in the same period last year to 26 million [1] - Short-term borrowings surged over 11 times, increasing from 50 million to 621 million, indicating heightened funding pressure [1] Inventory Management - The company's inventory value at the end of the period reached 2.596 billion, a 47.25% increase from 1.763 billion at the end of the previous year, primarily due to stockpiling for the Morocco project [2] - The company retained a significant amount of inventory impairment provisions, indicating potential challenges in inventory turnover and asset quality [2]