保立佳2025年中报：营收下滑但净利润显著回升，需关注现金流与债务压力

Core Insights - The company reported a total operating revenue of 926 million yuan for the first half of 2025, a year-on-year decrease of 17.23% [1] - The net profit attributable to shareholders was 8.59 million yuan, an increase of 136.26% year-on-year [1] - The company’s gross profit margin improved to 12.84%, up 15.3% year-on-year [2] Financial Performance - The net profit margin reached 0.94%, reflecting a significant increase of 144.61% year-on-year [2] - Operating cash flow per share was 0.46 yuan, showing a growth of 135.2% [2] - The company’s total liabilities increased slightly to 12.87 billion yuan, a rise of 0.71% [3] Revenue Composition - Revenue from construction emulsions was 508 million yuan, accounting for 54.83% of total revenue, with a gross margin of 11.62% [4] - Domestic sales contributed 875 million yuan, representing 94.46% of total revenue, with a gross margin of 12.43% [4] - The gross margin for foreign sales was notably higher at 19.89% [4] Cash Flow and Debt Management - The net cash flow from operating activities increased by 134.95% due to improved management of accounts receivable [5] - The company reduced capital expenditures and received proceeds from the disposal of subsidiary equity, leading to a 127.8% increase in net cash flow from investing activities [5] - The liquidity ratio decreased to 0.8, indicating a decline in short-term debt repayment capacity [3] Future Outlook - The company is positioned to benefit from environmental policy support and growing market demand for water-based acrylic emulsions, with potential for market share expansion [6] - Close monitoring of cash flow and debt levels is essential for maintaining financial health [6]