金岭矿业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 - Jinling Mining (000655) reported a strong performance in its 2025 mid-year financial results, with significant increases in revenue and net profit compared to the previous year [1] Financial Performance - Total revenue for the first half of 2025 reached 768 million yuan, a year-on-year increase of 10.17% [1] - Net profit attributable to shareholders was 150 million yuan, up 88.14% year-on-year [1] - In Q2 2025, total revenue was 412 million yuan, a slight decrease of 1.14% compared to the same quarter last year [1] - Q2 net profit attributable to shareholders was 101 million yuan, an increase of 75.01% year-on-year [1] Profitability Metrics - Gross margin improved to 27.71%, reflecting a year-on-year increase of 57.55% [1] - Net margin rose to 19.97%, with a year-on-year increase of 67.98% [1] - Total selling, administrative, and financial expenses amounted to 42.749 million yuan, accounting for 5.56% of revenue, down 16.62% year-on-year [1] Earnings and Cash Flow - Earnings per share (EPS) increased to 0.25 yuan, up 88.15% year-on-year [1] - Operating cash flow per share was 0.21 yuan, a significant increase of 171.67% year-on-year [1] - The company's net cash flow from operating activities saw a substantial increase due to higher sales revenue and reduced raw material expenditures [2] Investment and Debt - The company reported a 310.91% increase in R&D expenses due to new projects [2] - Interest-bearing liabilities increased by 14.17% to 1.2506 million yuan [1] - Cash and cash equivalents decreased slightly by 1.29% to 1.854 billion yuan [1] Historical Performance - The company's return on invested capital (ROIC) was 4.67%, indicating weak capital returns historically [4] - The historical median ROIC over the past decade was 4.39%, with four years of losses since its listing [4]