维维股份2025年中报简析：净利润同比下降20.14%

Financial Performance - The company reported a total revenue of 1.521 billion yuan for the first half of 2025, a decrease of 12.76% year-on-year [1] - The net profit attributable to shareholders was 120 million yuan, down 20.14% compared to the previous year [1] - In Q2 2025, the total revenue was 668 million yuan, showing a year-on-year increase of 5.32%, while the net profit attributable to shareholders rose by 105.76% to approximately 49.5 million yuan [1] Profitability Metrics - The gross margin was reported at 24.68%, an increase of 17.62% year-on-year, while the net margin decreased to 7.82%, down 8.91% [1] - The company’s return on invested capital (ROIC) for the previous year was 11.23%, indicating average capital returns [3] - The historical median ROIC over the past decade was 3.64%, with the lowest recorded ROIC in 2019 at 3.37% [3] Cost and Expenses - Total selling, administrative, and financial expenses amounted to 208 million yuan, representing 13.66% of total revenue, an increase of 2.89% year-on-year [1] - The company’s cash assets are reported to be very healthy, indicating strong liquidity [3] Shareholder Metrics - The earnings per share (EPS) decreased to 0.07 yuan, down 22.22% year-on-year, while the net asset value per share increased to 2.1 yuan, up 5.95% [1] - The operating cash flow per share was reported at 0.23 yuan, a significant increase of 8429.79% year-on-year [1] Fund Holdings - The largest fund holding in the company is the Xin'ao Industry Preferred Mixed A Fund, which holds 1.758 million shares and has increased its position [4] - The fund's current scale is 83 million yuan, with a recent net value of 0.562, reflecting a 1.7% decline from the previous trading day but a 33.98% increase over the past year [4]