网宿科技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 - Wangsu Technology (300017) reported a year-on-year increase in total revenue and net profit for the first half of 2025, indicating improved profitability despite a decline in quarterly revenue [1]. Financial Performance - Total revenue for the first half of 2025 reached 2.351 billion yuan, up 2.19% year-on-year - Net profit attributable to shareholders was 373 million yuan, an increase of 25.33% year-on-year - Gross margin improved to 33.44%, up 5.4% year-on-year, while net margin rose to 15.72%, an increase of 19.59% year-on-year [1][11] Quarterly Analysis - In Q2 2025, total revenue was 1.116 billion yuan, down 5.47% year-on-year - Q2 net profit attributable to shareholders was 181 million yuan, up 13.82% year-on-year [1] Cost and Expenses - Total selling, administrative, and financial expenses amounted to 287 million yuan, accounting for 12.19% of revenue, a year-on-year increase of 12.83% - Operating cash flow per share increased by 52.11% to 0.15 yuan [1][10] Balance Sheet Changes - Cash and cash equivalents decreased by 18.10% to 1.356 billion yuan due to increased purchases of trading financial assets - Interest-bearing debt rose by 86.92% to 1.086 billion yuan, attributed to new bank borrowings [3][4] Investment and Returns - The company's return on invested capital (ROIC) was 5% last year, indicating average capital returns - The net profit margin was 13.61%, suggesting a high value-added in products or services [11] Market Position and Shareholder Insights - The largest fund holding Wangsu Technology is the Huayu Growth ETF, with a scale of 1.489 billion yuan and a recent net value increase of 1.11% [15]