长青股份2025年中报简析：营收净利润同比双双增长，盈利能力上升

Core Viewpoint - The financial performance of Changqing Co., Ltd. shows significant improvement in revenue and profit for the first half of 2025 compared to the same period in 2024, indicating a positive trend in the company's operations and profitability [1]. Financial Performance Summary - Total revenue for the first half of 2025 reached 2.083 billion yuan, a year-on-year increase of 7.28% [1]. - Net profit attributable to shareholders was 42.28 million yuan, up 117.75% year-on-year [1]. - In Q2 2025, total revenue was 1.163 billion yuan, reflecting a 7.5% increase year-on-year, while net profit for the quarter was 25.59 million yuan, an increase of 122.28% [1]. - Gross margin improved to 13.37%, with a year-on-year increase of 11.11%, and net margin rose to 2.03%, up 106.02% [1]. - Total expenses (selling, administrative, and financial) amounted to 129 million yuan, accounting for 6.21% of revenue, a slight increase of 0.47% year-on-year [1]. - Earnings per share (EPS) increased to 0.07 yuan, a rise of 114.6% compared to the previous year [1]. Key Financial Metrics - Cash and cash equivalents increased by 27.91% to 436 million yuan [2]. - Accounts receivable rose by 7.58% to 1.093 billion yuan [2]. - Interest-bearing liabilities increased by 35% to 4.185 billion yuan [2]. - The company's return on invested capital (ROIC) has been historically low, with a median of 5.22% over the past decade, and a particularly poor ROIC of -0.68% in 2024 [2]. Cash Flow and Debt Analysis - The cash flow from operating activities has shown a concerning trend, with cash and cash equivalents to current liabilities ratio at 42.74% and the average operating cash flow over the past three years to current liabilities ratio at 10.55% [3]. - The interest-bearing debt ratio has reached 42.88%, indicating a significant level of leverage [3]. - The ratio of interest-bearing liabilities to the average operating cash flow over the past three years stands at 11.67%, suggesting potential liquidity concerns [3].