苏大维格2025年中报简析：增收不增利

Core Viewpoint - Su Dawei Ge (300331) reported a revenue increase but a decline in profit for the first half of 2025, indicating challenges in maintaining profitability despite revenue growth [1] Financial Performance Summary - Total operating revenue reached 982 million yuan, a year-on-year increase of 5.27% [1] - Net profit attributable to shareholders was 30.66 million yuan, down 10.46% year-on-year [1] - In Q2 2025, operating revenue was 529 million yuan, up 14.66% year-on-year, while net profit fell by 25.52% to 13.32 million yuan [1] Key Financial Metrics - Gross margin was 20.05%, a decrease of 1.2% year-on-year [1] - Net margin stood at 3.44%, down 0.56% year-on-year [1] - Total expenses (selling, administrative, and financial) amounted to 89.96 million yuan, representing 9.16% of revenue, an increase of 15.59% year-on-year [1] - Earnings per share (EPS) was 0.12 yuan, a decrease of 7.69% year-on-year [1] Cash Flow and Financial Health - Cash and cash equivalents decreased by 49.90% to 375 million yuan [1] - Operating cash flow per share was 0.26 yuan, down 32.19% year-on-year [1] - The company has a weak historical return on invested capital (ROIC), with a median of 1.72% over the past decade [3] Changes in Financial Items - Financial expenses increased significantly by 1257.7% due to reduced interest income [3] - Income tax expenses decreased by 40.58% due to changes in deferred tax expenses [3] - Net cash flow from operating activities fell by 32.19% due to accounts receivable payments in the previous year [3]