海泰新光2025年中报简析：营收净利润同比双双增长，三费占比上升明显

Core Viewpoint - Haite New Light (688677) reported a revenue increase of 20.5% year-on-year for the first half of 2025, reaching 266 million yuan, while net profit rose by 5.52% to 74.44 million yuan [1] Financial Performance - Total revenue for the second quarter of 2025 was 119 million yuan, reflecting a year-on-year increase of 15.52, while net profit for the same period decreased by 13.55% to 27.76 million yuan [1] - The gross profit margin improved to 65.84%, up 2.72% year-on-year, while the net profit margin decreased to 27.31%, down 13.73% [1] - The total of financial, sales, and management expenses reached 45.89 million yuan, accounting for 17.28% of total revenue, which is a 33.04% increase year-on-year [1] - Earnings per share increased by 6.9% to 0.62 yuan, and operating cash flow per share rose by 27.72% to 0.67 yuan [1] Asset and Liability Management - Cash and cash equivalents increased by 19.83% to 457 million yuan, while accounts receivable decreased by 6.67% to 90.49 million yuan [1] - Interest-bearing liabilities surged by 325.94% to 137 million yuan [1] Investment Returns - The company's return on invested capital (ROIC) was 9.81%, with a historical median ROIC of 15.13% since its listing [3] - The net profit margin for the previous year was reported at 30.2%, indicating high added value in its products or services [3] Fund Holdings - The largest fund holding Haite New Light is the Dongfanghong New Power Mixed A Fund, with 2.44 million shares held, remaining unchanged [4] - The fund has shown a significant increase of 52.5% over the past year [4]