贝斯美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 - Beishimei (300796) reported strong financial performance for the first half of 2025, with significant increases in revenue and net profit compared to the previous year [1] Financial Performance Summary - Total revenue for the first half of 2025 reached 776 million yuan, a year-on-year increase of 16.57% [1] - Net profit attributable to shareholders was 34.71 million yuan, up 109.7% year-on-year [1] - In Q2 2025, total revenue was 354 million yuan, reflecting a 13.4% increase year-on-year, while net profit for the quarter was 8.72 million yuan, soaring 344.08% year-on-year [1] - Gross margin improved to 18.72%, an increase of 3.3% year-on-year, and net margin rose to 4.42%, up 82.92% year-on-year [1] - Total expenses (selling, administrative, and financial) amounted to 83.89 million yuan, accounting for 10.81% of revenue, a decrease of 6.97% year-on-year [1] Key Financial Metrics - Earnings per share (EPS) doubled to 0.1 yuan, a 100% increase year-on-year [1] - Net asset value per share increased to 4.78 yuan, up 4.28% year-on-year [1] - Operating cash flow per share was -0.06 yuan, a significant decrease of 162.44% year-on-year [1] Changes in Financial Items - Sales expenses increased by 31.42% due to higher salaries for sales personnel and marketing expenses [2] - Financial expenses decreased by 49.8% due to reduced losses [2] - Income tax expenses rose by 45.25%, primarily due to profits from tax-exempt regions and a decrease in deferred tax expenses [2] - Net cash flow from operating activities decreased by 162.44% due to increased cash payments for goods and services [2] - Net cash flow from investing activities increased by 77.29% due to reduced capital expenditures [2] - Net cash flow from financing activities decreased by 61.27% due to increased cash payments for debt repayment [2] Business Model and Investment Considerations - The company's performance is heavily reliant on capital expenditures, necessitating careful evaluation of the profitability of these investments [3] - Historical financial performance indicates a median Return on Invested Capital (ROIC) of 10.08%, with a notably poor ROIC of -0.9% in 2024 [3] - Analysts suggest monitoring the company's cash flow situation, debt levels, and accounts receivable status [4]