Core Insights - The company Zhishang Technology (301486) reported a total revenue of 516 million yuan for the first half of 2025, representing a year-on-year increase of 17.67% [1] - The net profit attributable to the parent company reached 182 million yuan, showing a significant year-on-year increase of 353.86% [1] - In Q2 2025, the total revenue was 249 million yuan, which is a decline of 5.4% compared to the same quarter last year, while the net profit attributable to the parent company was 158 million yuan, up 515.06% year-on-year [1] Financial Performance - The gross margin for the company was 30.09%, down 11.86% year-on-year, while the net profit margin was 38.62%, an increase of 161.88% year-on-year [1] - Total expenses (selling, administrative, and financial) amounted to 89.82 million yuan, accounting for 17.42% of total revenue, which is a year-on-year increase of 55.33% [1] - Earnings per share (EPS) stood at 1.43 yuan, reflecting a year-on-year increase of 361.29% [1] Investment Metrics - The company's return on invested capital (ROIC) for the previous year was 3.93%, indicating weak capital returns [2] - The historical median ROIC since the company went public is 15.14%, suggesting better investment returns in the past [2] - The accounts receivable to profit ratio has reached 482.62%, indicating a need for attention in this area [2] Fund Holdings - The largest fund holding Zhishang Technology is the Qianhai Kaiyuan Hong Kong-Shenzhen Enjoy Life Fund, with 65,200 shares held, which has seen a decrease in holdings [3] - Another fund, the Jianxin Social Responsibility Mixed A Fund, has newly entered the top ten holdings with 36,300 shares [3] - The Qianhai Kaiyuan fund has a current scale of 114 million yuan and has increased by 94.51% over the past year [3]
致尚科技2025年中报简析：营收净利润同比双双增长，三费占比上升明显