开普检测2025年上半年业绩稳步增长，但二季度表现略有波动

Financial Performance Overview - The company achieved total revenue of 111 million yuan in the first half of 2025, representing a year-on-year increase of 3.23% [2] - The net profit attributable to shareholders was 40.79 million yuan, up 3.73% year-on-year, while the net profit excluding non-recurring items reached 38.87 million yuan, growing by 14.23% [2] - In Q2, total revenue was 63.13 million yuan, showing a slight decline of 0.07% year-on-year, and net profit decreased by 6.34% to 24.55 million yuan [2] Key Financial Metrics - The company's gross margin was 68.9%, down 2.43 percentage points from the previous year, while the net profit margin increased by 0.49 percentage points to 36.64% [3] - Earnings per share were 0.39 yuan, reflecting a year-on-year growth of 2.63%, and operating cash flow per share was 0.49 yuan, up 2.71% [3] Cost and Expenses - Total operating expenses (selling, administrative, and financial expenses) amounted to 22.46 million yuan, accounting for 20.17% of revenue, an increase of 4.75 percentage points year-on-year [4] - Financial expenses saw a significant increase of 50.93% year-on-year, primarily due to reduced interest income from temporarily idle cash [4] Cash Flow and Balance Sheet - Net cash flow from operating activities grew by 2.71% year-on-year, aided by a reduced corporate income tax payment due to a preferential tax rate of 15% for high-tech enterprises [5] - Net cash flow from investing activities surged by 149.38% year-on-year, driven by increased redemption of financial investments and reduced capital expenditures [5] - Net cash flow from financing activities decreased by 180.94% year-on-year, mainly due to a significant rise in cash dividend payments [5] Main Business Analysis - The company's main revenue source is from testing services, contributing 94.16% of total revenue, amounting to 105 million yuan [6] - Product sales generated 5.12 million yuan, accounting for 4.60%, with other technical services and income contributing 0.77 million yuan and 0.62 million yuan, respectively [6] - The East China region was the largest contributor, generating 46.31 million yuan, representing 41.60% of total revenue [6] Industry and Policy Environment - The company operates in the "M74 Professional Technical Services" sector, focusing on testing services for new power system equipment [7] - The expansion of the electric power industry is driving increased demand for testing services, indicating a promising outlook for the power equipment testing industry [7] - National policies, such as the 14th Five-Year Plan, emphasize the advancement of energy revolution and the establishment of a clean, low-carbon, safe, and efficient energy system, providing significant growth opportunities for the power equipment industry [7] Development Outlook - The company aims to benefit from national industrial policy support by enhancing operational and management efficiency through standard revisions, technological research, and equipment development [8] - Core competitive advantages include industry position, technological expertise, and innovative management [8] - The company plans to actively participate in industry standards and academic activities, align with emerging national policies, and strengthen research and development to enhance governance and protect investor interests [8]