金字火腿（002515）2025年中报简析：净利润同比下降25.11%

Core Viewpoint - The financial performance of Jinzi Ham (002515) in the 2025 mid-year report shows a significant decline in both revenue and net profit compared to the previous year, indicating potential challenges for the company moving forward [1] Financial Performance Summary - The total operating revenue for the first half of 2025 was 170 million yuan, a decrease of 14.73% year-on-year [1] - The net profit attributable to the parent company was 22.92 million yuan, down 25.11% year-on-year [1] - In Q2 2025, the operating revenue was 40.37 million yuan, reflecting a 38.85% decline year-on-year, while the net profit was -1.42 million yuan, a decrease of 120.35% [1] - The gross margin was 24.97%, down 1.07% year-on-year, and the net margin was 13.23%, down 13.01% year-on-year [1] - Total expenses (selling, administrative, and financial) amounted to 12.89 million yuan, accounting for 7.6% of revenue, a decrease of 3.63% year-on-year [1] - Earnings per share were 0.02 yuan, down 33.33% year-on-year, and operating cash flow per share was -0.02 yuan, a decrease of 115.15% year-on-year [1] Changes in Financial Items - Cash and cash equivalents decreased by 7.84% due to increased procurement payments [3] - Accounts receivable decreased by 30.54% as customer receivables reduced [3] - Inventory increased by 19.63% due to a rise in raw materials [3] - Contract liabilities decreased by 39.73% due to a reduction in advance payments [3] - Prepayments increased significantly by 410.82% due to prepayment for renovations and rent [3] - Research and development expenses increased by 51.05% as the company intensified its R&D efforts [3] Cash Flow Analysis - The net cash flow from operating activities decreased by 115.15% due to increased cash payments for goods and services [4] - The net cash flow from investing activities decreased by 274.82% due to increased cash outflows for fixed asset purchases [4] - The net cash flow from financing activities decreased by 47.49% due to higher cash payments for dividends and interest [4] - The net increase in cash and cash equivalents decreased by 238.54% due to increased cash outflows for goods, fixed assets, and other investment-related payments [4] Business Evaluation - The company's return on invested capital (ROIC) was 1.34%, indicating weak capital returns [4] - The historical median ROIC over the past decade was 1.83%, suggesting generally poor investment returns [4] - The company has experienced one loss year since its IPO, warranting further investigation into potential underlying issues [4] - The company's cash assets are reported to be in a healthy state, indicating a strong liquidity position [4]