新澳股份（603889）2025年中报简析：净利润同比增长1.67%，盈利能力上升

Core Viewpoint - New Australia Co., Ltd. (603889) reported a slight decline in total revenue for the first half of 2025, while net profit showed a modest increase, indicating mixed financial performance amid rising profitability metrics [1]. Financial Performance - Total revenue for the first half of 2025 was 2.554 billion yuan, a decrease of 0.08% year-on-year [1]. - Net profit attributable to shareholders was 271 million yuan, an increase of 1.67% year-on-year [1]. - Gross margin improved to 21.6%, up 3.62% year-on-year, while net margin rose to 11.22%, an increase of 3.17% year-on-year [1]. - Total expenses (selling, administrative, and financial) amounted to 132 million yuan, accounting for 5.15% of revenue, a decrease of 3.64% year-on-year [1]. Cash Flow and Assets - Operating cash flow per share was -0.01 yuan, a significant decrease of 116.71% year-on-year [1]. - Cash and cash equivalents increased by 61.58% due to higher bank borrowings and capital injection from a new shareholder [3]. - Accounts receivable rose by 64.9% due to an increase in uncollected sales [3]. Debt and Liabilities - Interest-bearing debt increased by 22.90% to 1.926 billion yuan [1]. - Short-term borrowings surged by 130.87% due to increased bank loans during the reporting period [3]. - The company's debt-to-asset ratio reached 29.46%, indicating a significant level of leverage [6]. Market Position and Future Outlook - Analysts project a net profit of 437 million yuan for 2025, with an average earnings per share of 0.6 yuan [4]. - The company’s return on invested capital (ROIC) was 9.97%, reflecting average capital returns [6]. - The estimated dividend yield is 5.02%, suggesting potential returns for investors [6]. Shareholder Activity - The largest fund holding New Australia Co., Ltd. shares is Huatai-PB Active Selection Stock A, with a recent net asset value increase of 46.49% over the past year [5].