苏交科2025年中报简析：净利润减39.54%，三费占比上升明显

Financial Performance - The company reported a total revenue of 1.776 billion yuan for the first half of 2025, a decrease of 13.75% year-on-year [1] - The net profit attributable to shareholders was 95.39 million yuan, down 39.54% compared to the previous year [1] - The gross profit margin increased to 31.87%, up 6.46% year-on-year, while the net profit margin decreased to 5.21%, down 32.88% [1] - Total operating expenses (selling, administrative, and financial expenses) amounted to 312 million yuan, representing 17.56% of total revenue, an increase of 37.28% year-on-year [1] Cash Flow and Debt - Cash and cash equivalents decreased by 20.93% to 2.654 billion yuan, attributed to operating expenditures [2] - Short-term borrowings increased by 28.06% due to new borrowings, while long-term borrowings decreased by 100% as they were reclassified to current liabilities [2] - The company’s cash flow from investment activities saw a significant increase of 111.18%, attributed to reduced investment expenditures [2] Return on Investment - The company's Return on Invested Capital (ROIC) was reported at 2.19%, indicating weak capital returns [3] - Historical data shows a median ROIC of 7.78% over the past decade, with the lowest ROIC recorded in 2024 [3] Business Model and R&D - The company’s performance is primarily driven by research and development, necessitating a thorough examination of the underlying factors [5] Market Position and Analyst Expectations - Analysts project the company's performance for 2025 to reach 211 million yuan, with an average earnings per share of 0.17 yuan [6] - The largest fund holding the company’s shares is the Zhonghang Military-Civilian Integration Selected A Fund, which has increased its holdings [7]