美亚光电2025年中报简析：营收净利润同比双双增长，盈利能力上升

Core Viewpoint - Meiya Optoelectronics (002690) reported strong financial performance for the first half of 2025, with significant increases in revenue and net profit compared to the previous year [1] Financial Performance - Total revenue for the first half of 2025 reached 1.023 billion yuan, a year-on-year increase of 9.92% [1] - Net profit attributable to shareholders was 303 million yuan, up 11.34% year-on-year [1] - In Q2 2025, total revenue was 630 million yuan, reflecting a 5.24% increase year-on-year, while net profit for the quarter was 194 million yuan, up 13.62% [1] - Gross margin improved to 52.14%, an increase of 2.47% year-on-year, and net margin rose to 29.61%, up 1.29% [1] Key Financial Metrics - Operating expenses (sales, management, and financial expenses) totaled 144 million yuan, accounting for 14.06% of revenue, a 5.13% increase year-on-year [1] - Earnings per share (EPS) increased to 0.34 yuan, a rise of 11.62% year-on-year [1] - Operating cash flow per share surged to 0.45 yuan, reflecting a 125.29% increase year-on-year [1] Changes in Financial Items - Inventory increased by 32.01% due to a rise in finished goods and work-in-progress [3] - Contract liabilities surged by 116.73% due to increased advance payments [3] - Other non-current assets rose by 605.71% due to increased equipment prepayments [3] - Cash and cash equivalents saw a net increase of 180.45%, attributed to higher cash receipts from sales and reduced cash payments for purchases [5] Investment Returns - The company's return on invested capital (ROIC) was 21.86%, indicating strong capital returns [6] - Historical data shows a median ROIC of 19.62% over the past decade, with a low of 15.05% in 2016 [6] Market Position - The most significant fund holding Meiya Optoelectronics is the Fortune Balanced Strategy Mixed Fund, which has a scale of 1.669 billion yuan and has seen a 22.23% increase over the past year [9]