赛微微电2025年中报简析：营收净利润同比双双增长

Financial Performance - The company reported a total revenue of 218 million yuan for the first half of 2025, representing a year-on-year increase of 31.0% [1] - The net profit attributable to shareholders reached 39.34 million yuan, up 29.91% year-on-year [1] - In Q2 2025, the total revenue was 127 million yuan, showing a year-on-year growth of 23.66% [1] - The net profit for Q2 2025 was 23.73 million yuan, reflecting a year-on-year increase of 3.79% [1] Profitability Metrics - The gross margin improved to 53.61%, an increase of 3.41% year-on-year [1] - The net profit margin slightly decreased to 18.01%, down 0.83% year-on-year [1] - Earnings per share (EPS) rose to 0.48 yuan, marking a 29.19% increase compared to the previous year [1] Cost and Expenses - Total selling, administrative, and financial expenses amounted to 27.31 million yuan, accounting for 12.5% of revenue, a decrease of 0.8% year-on-year [1] - The company reported a significant increase in interest-bearing liabilities, which rose by 2850.13% to 62.39 million yuan [1] Cash Flow and Assets - The company’s cash and cash equivalents decreased by 22.12% to 376 million yuan [1] - Accounts receivable increased by 40.86% to 35.60 million yuan [1] - Operating cash flow per share was reported at -0.1 yuan, a decline of 122.94% year-on-year [1] Investment and Returns - The company's return on invested capital (ROIC) was 4.3%, indicating a relatively weak capital return [3] - The historical median ROIC since the company went public is 6.67%, suggesting average investment returns [3] - The net profit margin for the previous year was 20.06%, indicating high value-added products or services [3] Fund Holdings - The largest fund holding shares in the company is Penghua Preferred Growth Mixed A, which increased its position to 1.43 million shares [4] - Other funds, such as Penghua Power LOF and Penghua Chip Industry Mixed Initiation A, also increased their holdings [4] - The fund's recent performance shows a net asset value of 0.7924, with a year-on-year increase of 56.43% [4]