| 项目 | 2024年中报 | 2025年中报 | 同比增幅 | | --- | --- | --- | --- | | 营业总收入(元) | 3749.25万 | 37.4万 | -99.00% | | 归母净利润（元） | -691.94万 | -1371.12万 | -98.15% | | 扣非净利润(元) | -730.18万 | -1398.11万 | -91.47% | | 货币资金(元) | 2136.11万 | 283.88万 | -86.71% | | 应收账款(元) | 4.77亿 | 3.25 Z | -31.84% | | 有息负债 (元) | 2079.98万 | 3027.23万 | 45.54% | | 毛利率 | 39.62% | -42.45% | -207.16% | | 净利率 | -18.46% | -3666.21% | -19765.16% | | 三费占营收比 | 44.44% | 3636.78% | 8083.12% | | 每股净资产 (元) | 0.68 | 0.21 | -69.01% | | 每股收益(元) | -0.02 | -0.03 | -10 ...

本次财报公布的各项数据指标表现尚佳。其中，毛利率43.54%，同比增4.43%，净利率29.65%，同比减 3.05%，销售费用、管理费用、财务费用总计647.69万元，三费占营收比4.61%，同比增31.95%，每股净 资产12.2元，同比增2.14%，每股经营性现金流0.08元，同比减70.2%，每股收益0.36元，同比增24.14% | 项目 | 2024年中报 | 2025年中报 | 同比增幅 | | --- | --- | --- | --- | | 营业总收入(元) | 1.08亿 | 1.4亿 | 29.73% | | 归母净利润(元) | 3311.61万 | 4165.12万 | 25.77% | | 扣非净利润(元) | 2642.74万 | 3625.27万 | 37.18% | | 货币资金(元) | 1.31亿 | 1.2亿 | -8.20% | | 应收账款(元) | 7580.81万 | 9269.16万 | 22.27% | | 有息负债 (元) | | -- | | | 毛利率 | 41.70% | 43.54% | 4.43% | | 净利率 | 30.58% | 29.6 ...

Core Viewpoint - New Nuo Wei (300765) reported mixed financial results for the first half of 2025, with revenue growth but significant declines in net profit and profitability metrics [1][2]. Financial Performance - Total revenue reached 1.05 billion yuan, a year-on-year increase of 7.99% [1] - Net profit attributable to shareholders was -2.75 million yuan, a year-on-year decrease of 102.0% [1] - In Q2 alone, revenue was 578 million yuan, up 28.99% year-on-year, while net profit was 24.16 million yuan, down 58.33% [1] - Gross margin was 38.15%, down 12.87% year-on-year, and net margin was -17.8%, a decrease of 709.07% [1] - Total expenses (selling, administrative, and financial) amounted to 143 million yuan, accounting for 13.6% of revenue, an increase of 48.57% year-on-year [1] - Earnings per share were -0.0 yuan, a decrease of 102.05% year-on-year [1] Business Model and Historical Performance - The company's business relies heavily on research and marketing efforts, which require careful examination of underlying drivers [2] - Historical data shows a median Return on Invested Capital (ROIC) of 17.35%, with the worst year being 2024 at -6.79% [2] Cash Flow and Receivables - Cash flow metrics indicate a concerning situation, with cash and cash equivalents to current liabilities at only 96.59% and average operating cash flow to current liabilities at 8.37% over the past three years [2] - Accounts receivable have reached 882.29% of profit, suggesting potential liquidity issues [2] Market Position and Fund Holdings - Several funds have made significant changes in their holdings of New Nuo Wei, with notable new entries and reductions in positions among various funds [3]

Core Viewpoint - The recent financial report of Keda Li (002850) shows strong revenue and profit growth, but an increase in accounts receivable raises concerns about cash flow management [1][3]. Financial Performance - Total revenue for the first half of 2025 reached 6.645 billion yuan, a year-on-year increase of 22.01% [1] - Net profit attributable to shareholders was 769 million yuan, up 18.72% year-on-year [1] - In Q2 2025, total revenue was 3.623 billion yuan, reflecting a 23.34% increase compared to the same quarter last year [1] - The gross profit margin was 22.87%, a decrease of 0.83% year-on-year, while the net profit margin was 11.52%, down 2.99% year-on-year [1] - Accounts receivable increased significantly by 49.97% year-on-year, reaching 4.093 billion yuan [1] Cost and Efficiency - Total selling, administrative, and financial expenses amounted to 267 million yuan, accounting for 4.02% of revenue, a decrease of 10.26% year-on-year [1] - The company reported a decrease in operating cash flow per share to 5.24 yuan, down 26.19% year-on-year [1] Investment and Market Position - The company has a historical Return on Invested Capital (ROIC) of 12.21%, indicating strong capital returns [3] - The company is focusing on capital expenditures and needs to monitor the effectiveness of these investments [3] - The company is currently expanding its production capacity and optimizing its strategic planning in response to market demands [6][7] Future Outlook - The company anticipates steady growth driven by increasing downstream demand and expanding overseas markets [9] - The solid-state battery sector is still developing, with the company establishing partnerships to support production based on customer needs [10] - The company is exploring opportunities in the humanoid robot market, aiming to provide comprehensive solutions through innovation and technology investment [11] Fund Management - Keda Li is held by notable fund managers, with increased holdings from the top fund manager Zhao Yi of Quanguo Fund [4][5] - The largest fund holding Keda Li is Quanguo Xuyuan Mixed Fund, which has seen significant growth in its net value over the past year [5]

据证券之星公开数据整理，近期花园生物(300401)发布2025年中报。根据财报显示，花园生物营收净利 润同比双双增长。截至本报告期末，公司营业总收入6.35亿元，同比上升5.86%，归母净利润1.62亿 元，同比上升13.67%。按单季度数据看，第二季度营业总收入3.09亿元，同比上升14.48%，第二季度归 母净利润6503.57万元，同比上升28.45%。 本次财报公布的各项数据指标表现尚佳。其中，毛利率55.94%，同比减2.43%，净利率25.43%，同比增 7.38%，销售费用、管理费用、财务费用总计1.39亿元，三费占营收比21.87%，同比减23.12%，每股净 资产5.68元，同比增11.64%，每股经营性现金流0.51元，同比增47.2%，每股收益0.3元，同比增15.38% | 项目 | 2024年中报 | 2025年中报 | 同比增幅 | | --- | --- | --- | --- | | 营业总收入(元) | 6亿 | 6.35 | 5.86% | | 归母净利润（元） | 1.42 乙 | 1.62亿 | 13.67% | | 扣非净利润(元) | 1.09亿 | 1.5亿 | ...

证券之星价投圈财报分析工具显示：业务评价：公司去年的ROIC为8.46%，近年资本回报率一般。公司 业绩具有周期性。去年的净利率为4.87%，算上全部成本后，公司产品或服务的附加值不高。从历史年 报数据统计来看，公司上市以来中位数ROIC为20.96%，投资回报也很好，其中最惨年份2016年的ROIC 为2.6%，投资回报一般。公司历史上的财报相对良好(注：公司上市时间不满10年，上市时间越长财务 均分参考意义越大。)。商业模式：公司业绩主要依靠研发及营销驱动。需要仔细研究这类驱动力背后 的实际情况。 财报体检工具显示：建议关注公司应收账款状况(应收账款/利润已达335.41%) 分析师工具显示：证券研究员普遍预期2025年业绩在19.45亿元，每股收益均值在3.38元。 据证券之星公开数据整理，近期科沃斯(603486)发布2025年中报。截至本报告期末，公司营业总收入 86.76亿元，同比上升24.37%，归母净利润9.79亿元，同比上升60.84%。按单季度数据看，第二季度营 业总收入48.18亿元，同比上升37.58%，第二季度归母净利润5.05亿元，同比上升62.19%。本报告期科 沃斯应收账款上升 ...

证券之星价投圈财报分析工具显示：业务评价：公司去年的ROIC为3.02%，历来资本回报率不强。去年 的净利率为6.54%，算上全部成本后，公司产品或服务的附加值一般。从历史年报数据统计来看，公司 上市以来中位数ROIC为4.48%，投资回报一般，其中最惨年份2021年的ROIC为1.46%，投资回报一般。 公司历史上的财报相对一般(注：公司上市时间不满10年，上市时间越长财务均分参考意义越大。)。偿 债能力：公司现金资产非常健康。商业模式：公司业绩主要依靠营销驱动。需要仔细研究这类驱动力背 后的实际情况。 据证券之星公开数据整理，近期众兴菌业(002772)发布2025年中报。截至本报告期末，公司营业总收入 9.08亿元，同比下降0.75%，归母净利润6901.99万元，同比上升134.13%。按单季度数据看，第二季度 营业总收入4.35亿元，同比上升1.69%，第二季度归母净利润2081.97万元，同比上升495.21%。本报告 期众兴菌业盈利能力上升，毛利率同比增幅9.56%，净利率同比增幅139.76%。 本次财报公布的各项数据指标表现一般。其中，毛利率19.41%，同比增9.56%，净利率7.5%，同 ...

财报体检工具显示：建议关注公司现金流状况(货币资金/流动负债仅为13.14%、近3年经营性现金流均 值/流动负债仅为17.42%)建议关注公司债务状况(有息资产负债率已达41.65%) 证券之星价投圈财报分析工具显示：业务评价：公司去年的ROIC为3.77%，近年资本回报率不强。公司 业绩具有周期性。然而去年的净利率为29.99%，算上全部成本后，公司产品或服务的附加值高。从历 史年报数据统计来看，公司近10年来中位数ROIC为3.98%，中位投资回报较弱，其中最惨年份2021年的 ROIC为-4.27%，投资回报极差。公司历史上的财报非常一般，公司上市来已有年报24份，亏损年份7 次，如无借壳上市等因素，价投一般不看这类公司。 据证券之星公开数据整理，近期新力金融(600318)发布2025年中报。根据财报显示，新力金融营收净利 润同比双双增长。截至本报告期末，公司营业总收入1.71亿元，同比上升9.97%，归母净利润2373.65万 元，同比上升30.71%。按单季度数据看，第二季度营业总收入8115.32万元，同比上升13.3%，第二季度 归母净利润630.81万元，同比上升33.2%。 本次财报公布的 ...

据证券之星公开数据整理，近期华大九天(301269)发布2025年中报。截至本报告期末，公司营业总收入 5.02亿元，同比上升13.01%，归母净利润306.79万元，同比下降91.9%。按单季度数据看，第二季度营 业总收入2.67亿元，同比上升16.01%，第二季度归母净利润-664.6万元，同比下降122.0%。本报告期华 大九天应收账款上升，应收账款同比增幅达31.57%。 本次财报公布的各项数据指标表现一般。其中，毛利率89.12%，同比减2.48%，净利率0.61%，同比减 92.83%，销售费用、管理费用、财务费用总计1.55亿元，三费占营收比30.95%，同比增18.82%，每股净 资产9.27元，同比增4.0%，每股经营性现金流0.45元，同比增4475.6%，每股收益0.01元，同比减91.83% | 项目 | 2024年中报 | 2025年中报 | 同比增幅 | | --- | --- | --- | --- | | 营业总收入(元) | 4.441Z | 5.02 亿 | 13.01% | | 归母浄利润（元） | 3787.13万 | 306.79万 | -91.90% | | 扣非净 ...

Financial Performance - The company reported total revenue of 222 million yuan for the first half of 2025, a decrease of 12.16% year-on-year [1] - The net profit attributable to shareholders was -43.70 million yuan, representing a decline of 1157.69% compared to the previous year [1] - The gross margin was 24.5%, showing a slight increase of 0.69% year-on-year, while the net margin dropped to -20.06%, a decrease of 1454.0% [1] - Total expenses (selling, administrative, and financial) accounted for 31.8% of revenue, an increase of 35.12% year-on-year [1] - Earnings per share were -0.13 yuan, a significant decrease of 1155.91% compared to the previous year [1] Cash Flow and Debt Situation - The company's cash flow situation is concerning, with cash and cash equivalents to current liabilities ratio at only 9.15% [3] - The interest-bearing debt ratio has reached 72.52%, indicating a high level of leverage [3] - Financial expenses accounted for 173.04% of the average operating cash flow over the past three years, highlighting financial strain [3] Business Strategy - The company adheres to a core development strategy of "technological innovation" and "market-first," focusing on green and low-carbon principles [4] - It aims to enhance market competitiveness by optimizing the supply chain and developing new materials to meet the demands of high-end manufacturing [4] - The company is committed to driving innovation in the new materials sector, addressing technological gaps in the domestic market [4]