瑞联新材2025年中报简析：营收净利润同比双双增长，盈利能力上升

Core Viewpoint - 瑞联新材 (688550) reported strong financial performance for the first half of 2025, with significant increases in revenue and net profit compared to the previous year [1] Financial Performance - Total revenue reached 806 million yuan, a year-on-year increase of 16.27% [1] - Net profit attributable to shareholders was 166 million yuan, up 74.22% year-on-year [1] - In Q2 2025, total revenue was 462 million yuan, reflecting a 26.54% increase year-on-year, while net profit for the quarter was 120 million yuan, up 97.48% [1] - Gross margin improved to 47.01%, an increase of 20.87% year-on-year, and net margin rose to 20.6%, up 49.85% [1] Cost and Expenses - Total selling, administrative, and financial expenses amounted to 104 million yuan, accounting for 12.88% of revenue, a decrease of 5.44% year-on-year [1] - Research and development expenses increased by 16.35%, indicating a commitment to innovation [4] Balance Sheet Highlights - Cash and cash equivalents decreased by 25.63% to 655 million yuan [1] - Accounts receivable increased by 0.84% to 322 million yuan, driven by revenue growth [3] - Interest-bearing debt significantly reduced by 97.06% to 5.0036 million yuan [1] Investment and Market Position - The company’s return on invested capital (ROIC) was 7.98%, indicating average capital returns [4] - Analysts expect 2025 performance to reach 324 million yuan, with an average earnings per share forecast of 1.88 yuan [6] Shareholder Information - The largest fund holding in 瑞联新材 is 长城安心回报混合A, with a recent net value increase of 1.8% [7]