东方电子上半年营收31.62亿元同比增12.18%，归母净利润3.02亿元同比增19.65%，销售费用同比增长5.84%

Core Insights - The company reported a revenue of 3.162 billion yuan for the first half of 2025, representing a year-on-year growth of 12.18% [1] - The net profit attributable to shareholders was 302 million yuan, with a year-on-year increase of 19.65% [1] - The basic earnings per share stood at 0.23 yuan [1] Financial Performance - The gross margin for the first half of 2025 was 33.08%, an increase of 0.48 percentage points year-on-year [1] - The net profit margin was 8.84%, up by 0.29 percentage points compared to the same period last year [1] - In Q2 2025, the gross margin reached 34.58%, showing a year-on-year increase of 1.98 percentage points and a quarter-on-quarter increase of 3.38 percentage points [1] - The net profit margin for Q2 was 10.17%, which is an increase of 0.32 percentage points year-on-year and 2.98 percentage points quarter-on-quarter [1] Expense Analysis - Total operating expenses for the first half of 2025 amounted to 751 million yuan, an increase of 93.41 million yuan compared to the previous year [2] - The expense ratio was 23.76%, up by 0.42 percentage points year-on-year [2] - Sales expenses increased by 5.84%, management expenses by 17.36%, R&D expenses by 18.69%, and financial expenses by 9.90% [2] Shareholder Information - As of the end of the first half of 2025, the total number of shareholders was 74,300, a decrease of 9,438 or 11.27% from the previous quarter [2] - The average market value per shareholder increased from 159,000 yuan at the end of Q1 to 184,700 yuan, reflecting a growth of 16.22% [2] Company Overview - The company, established on February 9, 1994, and listed on January 21, 1997, is located in Yantai, Shandong Province [3] - Its main business includes the development, production, and sales of electronic and communication equipment, power dispatching and industrial automation protection equipment, and other related services [3] - The revenue composition includes smart power distribution (55.28%), substation automation (13.51%), scheduling and cloud services (13.31%), industrial internet and smart manufacturing (7.55%), and other segments [3]