善水科技2025年中报简析：增收不增利

Financial Performance - Company reported a total revenue of 305 million yuan, an increase of 23.08% year-on-year, but net profit decreased by 11.77% to 47.77 million yuan [1] - In Q2, revenue reached 177 million yuan, up 23.29% year-on-year, while net profit fell by 12.84% to 31.00 million yuan [1] - Gross margin was 29.35%, down 8.63% year-on-year, and net margin was 15.65%, down 28.31% year-on-year [1] Expense Analysis - Sales expenses increased by 77.66% due to higher personnel costs and other sales-related expenses [2] - Management expenses rose by 45.58% attributed to increased personnel costs [2] - Financial expenses grew by 42.56% due to decreased interest from lower deposit balances and rates [2] Cash Flow and Investment - Operating cash flow per share was -0.31 yuan, a 30.75% increase year-on-year [1] - Investment cash flow decreased by 93.57% due to increased cash management [2] - Financing cash flow increased by 50.33% due to higher repayments of short-term loans and increased buyback payments [2] Return on Investment - The company's return on invested capital (ROIC) was 1.45%, indicating weak capital returns [2] - Historical data shows a median ROIC of 11.46% since the company went public, with the worst year being 2023 at -0.67% [3] Business Model and Debt Capacity - The company's performance is primarily driven by capital expenditures, necessitating careful evaluation of the profitability of these investments [3] - The company maintains a healthy cash asset position, indicating good debt repayment capacity [3] Current Developments - The company is currently processing various approvals for its supporting raw material projects [3]