美力科技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 - Meili Technology (300611) reported strong financial performance for the first half of 2025, with significant increases in revenue and net profit compared to the previous year, indicating improved profitability and operational efficiency [1]. Financial Performance - Total revenue for the first half of 2025 reached 900 million yuan, a year-on-year increase of 25.25% [1]. - Net profit attributable to shareholders was 80.4 million yuan, up 71.98% year-on-year [1]. - In Q2 2025, total revenue was 483 million yuan, reflecting a 16.16% increase year-on-year, while net profit for the quarter was 46.4 million yuan, up 51.5% [1]. - Gross margin improved to 24.41%, a year-on-year increase of 21.85%, and net margin rose to 9.09%, up 43.03% [1]. Cost and Expenses - Total selling, administrative, and financial expenses amounted to 87.3 million yuan, accounting for 9.7% of revenue, which is a 14.87% increase year-on-year [1]. - Significant increases in sales expenses (up 52.48%) and management expenses (up 46.07%) were attributed to higher employee compensation and costs related to the acquisition of MSSCAHLEGmbH [5]. Balance Sheet Highlights - Cash and cash equivalents decreased by 2.11% to 223 million yuan [2]. - Accounts receivable increased by 10.61% to 544 million yuan [1]. - Interest-bearing liabilities rose by 18.01% to 635 million yuan [1]. - The company's net asset value per share increased by 15.45% to 5.63 yuan [1]. Cash Flow and Investments - The net cash flow from investing activities saw a drastic decline of 699.83%, primarily due to payments for land purchases [7]. - The net cash flow from financing activities increased by 273.2%, driven by additional bank borrowings to support operational needs [8]. - The net increase in cash and cash equivalents was up 307.16%, also linked to increased bank borrowings [9]. Operational Insights - The company’s return on invested capital (ROIC) was reported at 6.8%, indicating average capital returns over recent years [10]. - The business model relies heavily on capital expenditures, necessitating careful evaluation of the profitability of these investments [10]. - The company has a history of cyclical performance, with one year of losses since its IPO [10].