常润股份2025年中报简析：净利润同比增长23.98%，盈利能力上升

Core Insights - Company reported a total revenue of 1.4 billion yuan for the first half of 2025, a decrease of 3.4% year-on-year, while net profit attributable to shareholders increased by 23.98% to 107 million yuan [1] - The second quarter revenue was 757 million yuan, down 7.47% year-on-year, but net profit for the quarter rose by 40.48% to approximately 55.5 million yuan [1] - The company's profitability improved, with gross margin increasing by 11% to 21.89% and net margin rising by 26.31% to 7.93% [1] Financial Performance - Total revenue for 2024 was 1.45 billion yuan, compared to 1.4 billion yuan in 2025, reflecting a decline of 3.4% [1] - Net profit for 2024 was 86.5 million yuan, while for 2025 it reached 107 million yuan, marking a year-on-year increase of 23.98% [1] - The company’s gross margin for 2025 was 21.89%, up from 19.72% in 2024, and net margin improved from 6.28% to 7.93% [1] Cost and Efficiency - Total selling, administrative, and financial expenses amounted to 108 million yuan, accounting for 7.74% of revenue, which is an increase of 8.32% year-on-year [1] - The company’s return on invested capital (ROIC) was 12.43% last year, indicating strong capital returns, with a historical median ROIC of 15.67% since its listing [1] - The company’s cash assets are reported to be very healthy, indicating good debt repayment capability [1] Accounts Receivable - The accounts receivable situation is concerning, with accounts receivable to profit ratio reaching 257.5% [2]