盛达资源（000603）2025年中报简析：增收不增利

Core Viewpoint - Shengda Resources (000603) reported a revenue increase but a decline in net profit for the first half of 2025, indicating challenges in profitability despite higher sales [1] Financial Performance - Total revenue reached 906 million yuan, up 6.34% year-on-year, while net profit was 70.1 million yuan, down 15.03% [1] - In Q2 2025, total revenue was 554 million yuan, a decrease of 5.99% year-on-year, and net profit fell by 32.28% to 61.8 million yuan [1] - Gross margin improved to 44.02%, an increase of 24.76%, while net margin decreased to 11.39%, down 9.08% [1] - Total expenses (selling, administrative, and financial) amounted to 174 million yuan, accounting for 19.17% of revenue, an increase of 6.22% [1] Cash Flow and Debt - Cash flow from operating activities decreased by 42.28%, attributed to increased tax payments related to higher business income [4] - The company’s cash and cash equivalents saw a significant decline, with a net increase of -502.27% due to investments in the Honglin Mining project [4] - Interest-bearing liabilities rose to 2.056 billion yuan, a 32.27% increase, indicating a growing debt burden [1] Investment and Market Position - The company’s return on invested capital (ROIC) was 10.98%, with a historical median of 15.48% over the past decade, suggesting average capital returns [2] - The company has experienced six years of losses since its listing, indicating potential concerns for value investors [2] Fund Holdings - The largest fund holding in Shengda Resources is the Qianhai Kaiyuan Gold and Silver Jewelry Mixed A Fund, which holds approximately 10.1 million shares [3] - Other funds have shown varied movements, with some increasing their holdings while others have reduced their positions [3] Operational Insights - The company reported a 13.36% reduction in operating costs for non-ferrous metal mining in 2024 compared to 2023, with mixed results across different mining operations [6]