联创电子（002036）2025年中报简析：净利润同比增长137.07%，三费占比上升明显

Core Viewpoint - Lianchuang Electronics (002036) reported a decline in total revenue for the first half of 2025, while net profit showed significant growth, indicating a mixed financial performance amid rising costs [1]. Financial Performance - Total revenue for the first half of 2025 was 4.22 billion yuan, a decrease of 14.49% year-on-year [1]. - Net profit attributable to shareholders was 24.09 million yuan, an increase of 137.07% year-on-year [1]. - Gross margin improved to 13.98%, up 61.19% year-on-year, while net margin reached 0.2%, a rise of 110.57% [1]. - The total of financial, sales, and administrative expenses increased by 31.47%, amounting to 452 million yuan, which constituted 10.72% of total revenue [1]. Cash Flow and Debt Situation - Cash flow from operating activities showed a slight increase, with operating cash flow per share at 0.0 yuan, up 30.75% year-on-year [1]. - The company’s cash and cash equivalents increased by 75.06%, attributed to reduced cash outflows from investment activities [3]. - The debt situation is concerning, with interest-bearing liabilities reaching 10.56 billion yuan, a rise of 12.35% year-on-year, and an interest-bearing asset-liability ratio of 52.65% [6]. Investment and Market Position - Analysts expect the company's performance for 2025 to yield a net profit of 85.58 million yuan, with an average earnings per share of 0.08 yuan [4]. - Several funds have recently increased their holdings in Lianchuang Electronics, indicating growing interest from institutional investors [5].