金字火腿2025年中报简析：净利润同比下降25.11%

Core Insights - The company Jinzi Ham reported a significant decline in net profit by 25.11% year-on-year for the first half of 2025, with total revenue decreasing by 14.73% to 170 million yuan [1] - The second quarter of 2025 saw an even sharper decline, with revenue dropping by 38.85% to 40.37 million yuan and a net loss of 1.42 million yuan, marking a 120.35% decrease in net profit [1] Financial Performance - Total revenue for the first half of 2025 was 170 million yuan, down from 199.5 million yuan in the same period of 2024, reflecting a 14.73% decrease [1] - Net profit attributable to shareholders was 22.92 million yuan, compared to 30.61 million yuan in the previous year, a decline of 25.11% [1] - Gross margin decreased to 24.97%, down 1.07 percentage points from the previous year, while net margin fell to 13.23%, a drop of 13.01 percentage points [1] - Operating cash flow per share turned negative at -0.02 yuan, a significant decrease of 115.15% year-on-year [1] Expense Analysis - Total selling, administrative, and financial expenses amounted to 12.89 million yuan, accounting for 7.6% of revenue, which is a slight decrease of 3.63% from the previous year [1] - The company reported a 51.05% increase in R&D investment, indicating a strategic focus on innovation despite declining profits [4] Asset and Liability Changes - Cash and cash equivalents decreased by 7.84% due to increased procurement payments [3] - Accounts receivable dropped by 30.54%, attributed to reduced customer receivables [3] - Inventory increased by 19.63%, reflecting a rise in raw material stock [3] - Contract liabilities decreased by 39.73%, linked to a reduction in advance payments [4] Return on Investment - The company's return on invested capital (ROIC) was reported at 1.34%, indicating weak capital returns, with a historical median ROIC of 1.83% over the past decade [5] - The net profit margin for the previous year was 17.91%, suggesting high added value in products or services despite overall weak financial performance [5]