江天化学2025年中报简析：增收不增利

Core Viewpoint - Jiangtian Chemical (300927) reported significant revenue growth but a drastic decline in net profit for the first half of 2025, indicating potential operational challenges despite increased sales [1] Financial Performance - Total revenue reached 753 million yuan, a year-on-year increase of 113.64% [1] - Net profit attributable to shareholders was 257,700 yuan, down 98.97% year-on-year [1] - The second quarter saw total revenue of 402 million yuan, up 122.23% year-on-year, but a net loss of 56,100 yuan, a decline of 104.43% [1] - Gross margin was 5.83%, a decrease of 63.64% year-on-year, while net margin fell to 0.03%, down 99.52% [1] - Total operating expenses were 33.43 million yuan, accounting for 4.44% of revenue, a decrease of 18.77% year-on-year [1] Key Ratios and Metrics - Earnings per share (EPS) dropped to 0.00 yuan, a decline of 98.96% year-on-year [1] - Cash flow from operations per share increased significantly to 0.77 yuan, up 17,430.5% year-on-year [1] - The company's net assets per share rose to 6.6 yuan, an increase of 37.64% year-on-year [1] Business Evaluation - The company's return on invested capital (ROIC) was 28.97% last year, indicating strong capital returns [3] - Historical data shows a median ROIC of 15.43% since the company went public, with a low of 9.81% in 2023 [3] - The business model relies heavily on capital expenditures, necessitating careful evaluation of the effectiveness and necessity of these investments [3]