通化金马2025年中报简析：营收净利润同比双双增长，短期债务压力上升

Core Viewpoint - Tonghua Jinma (000766) reported a slight increase in total revenue and a significant rise in net profit for the first half of 2025, indicating improved profitability despite rising short-term debt pressure [1][2]. Financial Performance - Total revenue for the first half of 2025 reached 650 million yuan, a year-on-year increase of 0.12% [1]. - Net profit attributable to shareholders was 16.804 million yuan, up 34.77% year-on-year [1]. - In Q2 2025, total revenue was 351 million yuan, a decrease of 0.82% compared to the same quarter last year, while net profit rose by 59.08% to 5.2212 million yuan [1]. - Gross margin was 73.32%, down 2.54% year-on-year, while net margin improved by 36.25% to 2.59% [1]. - Total operating expenses were 427 million yuan, accounting for 65.72% of revenue, a decrease of 5.21% year-on-year [1]. Cash Flow and Debt Situation - Operating cash flow per share increased by 104.8% to 0.08 yuan, indicating improved cash generation [1][2]. - The company’s liquidity ratio was reported at 0.58, indicating rising short-term debt pressure [1][3]. - The ratio of interest-bearing liabilities to total assets reached 40.85%, highlighting a significant debt burden [3]. Investment Metrics - The company's return on invested capital (ROIC) was 3.42%, indicating weak capital returns [2]. - The net profit margin for the previous year was 4.23%, suggesting low added value in products or services [2]. - Historical data shows a median ROIC of 2.84% over the past decade, with six years of losses since the company went public [2]. Fund Holdings - Major funds holding Tonghua Jinma include Yinhua CSI Innovation Drug Industry ETF and Southern CSI 1000 ETF, indicating growing institutional interest [3].