万里石: 2025年半年度报告

Core Viewpoint - Xiamen Wanli Stone Co., Ltd. reported a decrease in revenue but an increase in net profit for the first half of 2025, indicating a shift towards higher profitability despite lower sales volume [1][4]. Financial Performance - Revenue for the reporting period was CNY 603.71 million, a decrease of 7.55% compared to CNY 653.03 million in the same period last year [4][13]. - Net profit attributable to shareholders was CNY 5.23 million, an increase of 21.27% from CNY 4.31 million year-on-year [4][8]. - The net cash flow from operating activities was CNY 7.35 million, a significant recovery from a negative CNY 34.98 million in the previous year, marking a 121% improvement [4][14]. - Basic earnings per share rose to CNY 0.0231, up 23.53% from CNY 0.0187 [4][8]. Business Overview - The company operates as a comprehensive service provider in the mid-to-high-end stone industry, focusing on design, processing, sales, and installation of architectural and landscape stone [5][6]. - The company is transitioning towards resource-oriented businesses, expanding into lithium and uranium resource development [5][6]. Industry Context - The decoration and renovation industry saw a production value of CNY 597.29 billion in the first half of 2025, growing by 4.27% year-on-year, while real estate development investment decreased by 11.2% [5][6]. - The stone industry is facing challenges such as technological innovation, management upgrades, and environmental regulations, but also opportunities from urban renewal and infrastructure investments [5][6]. Market Dynamics - Domestic revenue decreased by 11.97% to CNY 378.31 million, while international business revenue increased by 0.94% to CNY 225.40 million, indicating a shift in market focus [4][9]. - The company is enhancing its global strategy, particularly in Southeast Asia, to mitigate trade barriers and optimize its supply chain [4][9]. Strategic Initiatives - The company is focusing on high-quality projects and strategic partnerships with state-owned enterprises and major construction groups to capture growth in key infrastructure projects [5][10]. - A new lithium carbonate production line is in trial production, with plans for scale-up, reflecting the company's commitment to diversifying its resource portfolio [5][10]. Competitive Advantages - As the first stone company listed on A-shares, the company emphasizes brand building and quality service, which has led to numerous industry accolades [5][11]. - The company has developed a comprehensive service model that integrates design, manufacturing, construction, and after-sales service, enhancing its competitive edge [5][11].