山东威达2025年中报简析：净利润同比增长9.31%，盈利能力上升

Core Viewpoint - Shandong Weida (002026) reported a decline in total revenue for the first half of 2025, while net profit increased, indicating improved profitability despite lower sales [1]. Financial Performance - Total revenue for the first half of 2025 was 914 million yuan, a decrease of 15.37% year-on-year [1]. - Net profit attributable to shareholders was 158 million yuan, an increase of 9.31% year-on-year [1]. - Gross margin improved to 25.09%, up 4.39% year-on-year, while net margin rose to 17.28%, an increase of 28.06% year-on-year [1]. - The total of selling, administrative, and financial expenses was 28.48 million yuan, accounting for 3.12% of revenue, down 46.93% year-on-year [1]. - Earnings per share increased to 0.35 yuan, up 9.38% year-on-year [1]. Cash Flow and Debt Management - Operating cash flow per share was 0.43 yuan, an increase of 86.32% year-on-year [1]. - The company experienced a significant decrease in cash and cash equivalents, down 38.73%, attributed to increased repayment of bank loans and investment in bank wealth management products [2][3]. - Short-term borrowings decreased by 79.21% due to repayment of bank loans [2]. Investment and Future Outlook - The company’s return on invested capital (ROIC) was 7.11%, indicating average capital returns in recent years [3]. - Analysts expect the company's performance in 2025 to reach 344 million yuan, with an average earnings per share forecast of 0.77 yuan [3]. Fund Holdings - The largest fund holding Shandong Weida shares is Bosera Credit Bond A/B, with 3.84 million shares, newly entering the top ten holdings [4].