德新科技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 - 德新科技 (603032) reported significant growth in revenue and net profit for the first half of 2025, indicating strong operational performance and improved profitability metrics [1] Financial Performance - Total revenue reached 251 million yuan, a year-on-year increase of 90.5% [1] - Net profit attributable to shareholders was 22.35 million yuan, up 187.09% year-on-year [1] - In Q2 2025, revenue was 154 million yuan, reflecting a 94.57% increase compared to the same quarter last year [1] - Q2 net profit was 23.43 million yuan, showing a 9.69% increase year-on-year [1] - Gross margin improved to 36.5%, up 23.11% year-on-year, while net margin rose to 12.99%, an increase of 134.53% [1] Cost and Expense Management - Total selling, administrative, and financial expenses amounted to 35.82 million yuan, accounting for 14.25% of revenue, a decrease of 43.65% year-on-year [1] - The company reported a significant reduction in operating expenses, contributing to improved profitability [1] Key Financial Ratios - Earnings per share (EPS) increased to 0.1 yuan, a rise of 233.33% year-on-year [1] - The company's net asset value per share decreased to 4.8 yuan, down 10.4% year-on-year [1] - Operating cash flow per share was 0.19 yuan, a decline of 42.92% year-on-year [1] Changes in Financial Position - Cash and cash equivalents decreased by 50.94% due to adjustments in cash management strategies [3] - Accounts receivable increased by 56.99%, indicating higher sales volume [3] - Interest-bearing debt rose by 39.34%, reflecting increased borrowing [3] Revenue and Cost Drivers - The increase in revenue was primarily driven by the precision automation business, which contributed significantly to the overall sales growth [4] - Operating costs rose by 71.95%, attributed to the costs associated with the new precision automation business [4] Cash Flow Analysis - Net cash flow from operating activities decreased by 43.16%, influenced by the timing of cash collections from previous sales [4] - Investment cash flow net amount dropped by 377.40%, due to increased net outflows from financial investments [4] - Financing cash flow net amount increased by 291.18%, driven by higher borrowings [4]