御银股份2025年中报简析：净利润同比增长10.43%

Core Insights - Yuyin Co., Ltd. reported a net profit increase of 10.43% year-on-year for the first half of 2025, despite a decline in total operating revenue by 12.8% to 29.61 million yuan [1] - The company's gross profit margin decreased by 7.98% to 52.54%, while the net profit margin increased by 26.64% to 35.86% [1] - The financial report indicates a significant reduction in cash and cash equivalents, down 54.79% to 40.53 million yuan, attributed to the redemption of financial products [1][2] Financial Performance - Total operating revenue for the first half of 2025 was 29.61 million yuan, down from 33.96 million yuan in 2024, marking a 12.8% decline [1] - The net profit attributable to shareholders reached 10.62 million yuan, up from 9.62 million yuan in the previous year, reflecting a 10.43% increase [1] - The company's operating cash flow per share increased by 16.22% to 0.03 yuan, while earnings per share remained stable at 0.01 yuan, showing an 11.11% increase [1] Cost and Expense Analysis - The total of selling, administrative, and financial expenses amounted to 2.13 million yuan, accounting for 7.19% of revenue, a decrease of 13.74% year-on-year [1] - The gross profit margin decreased to 52.54%, while the net profit margin improved to 35.86%, indicating a shift in cost structure and profitability [1] Asset and Liability Changes - Cash and cash equivalents saw a net increase of 53.95%, primarily due to a reduction in large time deposits [3] - Fixed assets increased by 38.63% due to property acquisitions, while non-current assets due within one year decreased by 60.41% due to a reduction in large time deposits [2] - Accounts payable decreased by 36.02% as a result of payments made for engineering costs [2] Historical Performance and Investment Return - The company's historical financial performance has been average, with a median Return on Invested Capital (ROIC) of 1.18% over the past decade, indicating weak investment returns [4] - The company has reported two years of losses since its listing, suggesting a fragile business model [4]