玉马科技2025年中报简析：增收不增利，三费占比上升明显

Financial Performance - Company reported total revenue of 364 million yuan for the first half of 2025, a year-on-year increase of 0.89% [1] - Net profit attributable to shareholders was 74.09 million yuan, a year-on-year decrease of 14.13% [1] - In Q2 2025, total revenue reached 213 million yuan, up 5.42% year-on-year, while net profit was 43.90 million yuan, down 11.6% year-on-year [1] Cost and Expenses - The proportion of three major expenses (financial, sales, and management) increased significantly, totaling 40.75 million yuan, which is 11.19% of total revenue, a year-on-year increase of 39.98% [1] - Gross margin was 39.76%, a decrease of 1.41% year-on-year, while net margin was 20.34%, down 14.89% year-on-year [1] Cash Flow and Assets - Cash and cash equivalents decreased by 13.24% due to acquisitions, profit distribution, and payments for long-term assets [2] - Inventory increased by 23.86% to improve delivery speed and reduce lead times [2] - Net cash flow from operating activities decreased by 34.87% due to increased production scale and procurement expenses [2] Investment and Returns - Return on Invested Capital (ROIC) for the previous year was 11.68%, indicating average capital returns [3] - Historical median ROIC since the company’s listing is 16.38%, with the lowest ROIC recorded in 2023 at 11.45% [3] - Analysts expect 2025 performance to reach 193 million yuan, with an average earnings per share of 0.63 yuan [4]