仲景食品2025年中报简析：净利润同比增长0.29%，盈利能力上升

Core Insights - The company reported a total revenue of 524 million yuan for the first half of 2025, a decrease of 2.5% year-on-year, while the net profit attributable to shareholders increased by 0.29% to 101 million yuan [1] - The second quarter revenue was 248 million yuan, down 6.19% year-on-year, but the net profit for the same period rose by 5.56% to approximately 52.12 million yuan [1] - The company's profitability improved, with a gross margin increase of 2.91% to 45.04% and a net margin increase of 2.86% to 19.17% [1] Financial Performance - Total revenue for 2024 was 538 million yuan, compared to 524 million yuan in 2025, reflecting a decline of 2.5% [1] - The net profit for 2024 was 100 million yuan, while it increased to 101 million yuan in 2025, showing a growth of 0.29% [1] - The gross margin for 2025 was 45.04%, up from 43.76% in 2024, indicating a year-on-year increase of 2.91% [1] - The net margin for 2025 was 19.17%, compared to 18.64% in 2024, representing a year-on-year increase of 2.86% [1] - Total expenses (selling, administrative, and financial) amounted to 99.1 million yuan, accounting for 18.9% of revenue, which remained stable year-on-year [1] Cash Flow and Assets - The company reported a significant increase in cash and cash equivalents, with a net increase of 100.47%, attributed to various cash flow changes [3] - The fixed assets saw a substantial increase of 54.11% due to the capitalization of the first phase of the industrial park project [3] - The net cash flow from investing activities changed dramatically by 97.79%, primarily due to the redemption of financial products [3] Market Position and Future Outlook - The company's return on invested capital (ROIC) was 9.46% last year, with a historical median ROIC of 16.09% since its listing [3] - Analysts expect the company's performance in 2025 to reach 183 million yuan, with an average earnings per share of 1.25 yuan [3]