海得控制2025年中报简析：营收净利润同比双双增长

Financial Performance - Company reported a total revenue of 1.28 billion yuan for the first half of 2025, representing a year-on-year increase of 15.91% [1] - Net profit attributable to shareholders reached 11.06 million yuan, a significant increase of 234.32% compared to the previous year [1] - Gross profit margin decreased to 13.09%, down 20.83% year-on-year, while net profit margin improved to 1.6%, up 186.96% [1] Quarterly Analysis - In Q2 2025, total revenue was 589 million yuan, showing a decline of 6.09% year-on-year, but net profit attributable to shareholders increased to 17.41 million yuan, up 328.69% [1] Cost and Expenses - Total selling, administrative, and financial expenses amounted to 130 million yuan, accounting for 10.17% of revenue, a decrease of 28.06% year-on-year [1] - The company reported a significant reduction in interest-bearing liabilities, down 28.85% to 269 million yuan [1] Cash Flow and Assets - Operating cash flow per share improved to 0.26 yuan, a year-on-year increase of 123.65%, indicating better cash generation from operations [1] - The company’s cash flow from operating activities showed a net increase of 123.65%, attributed to higher cash receipts from sales and lower cash payments for purchases [3] Historical Performance - The company has shown a weak historical performance with a median Return on Invested Capital (ROIC) of 6.78% over the past decade, and a particularly poor ROIC of -17.84% in 2024 [3] - The company has reported losses in two of the 17 annual reports since its listing, indicating a fragile business model [3] Financial Health Indicators - The ratio of cash and cash equivalents to current liabilities stands at 57.01%, suggesting potential liquidity concerns [4] - The average operating cash flow over the past three years relative to current liabilities is only 5.35%, indicating limited cash flow generation capacity [4]