金证股份2025年中报简析：亏损收窄，三费占比上升明显

Core Viewpoint - Jinzheng Co., Ltd. (600446) reported a significant decline in total revenue for the first half of 2025, with a year-on-year decrease of 48.55%, while the net profit attributable to shareholders improved by 51.95% compared to the previous year [1] Financial Performance Summary - Total revenue for the first half of 2025 was 1.208 billion yuan, down from 2.347 billion yuan in the same period of 2024, reflecting a decrease of 48.55% [1] - The net profit attributable to shareholders was -38.83 million yuan, an improvement from -80.82 million yuan in the previous year, marking a 51.95% increase [1] - Gross margin increased to 37.46%, up 91.16% year-on-year, while the net margin was -3.13%, improving by 22.17% [1] - The total of financial, sales, and administrative expenses reached 235 million yuan, accounting for 19.48% of total revenue, which is a 65.06% increase year-on-year [1] Cash Flow and Asset Management - Operating cash flow per share improved to -0.05 yuan, a 79.41% increase from -0.22 yuan in the previous year [1] - Cash and cash equivalents increased slightly by 1.35% to 1.255 billion yuan, while accounts receivable decreased significantly by 64.66% to 311 million yuan [2] - The company reduced its interest-bearing debt by 62.61%, bringing it down to 516 million yuan [1][2] Business Operations and Market Position - The decline in revenue and profit margins is attributed to a contraction in the IT equipment distribution business [3] - The company has experienced a historical average return on invested capital (ROIC) of 8.26%, with the worst year being 2024, where ROIC was -3.89%, indicating a weak business model [3] Fund Holdings - The largest fund holding shares in Jinzheng Co., Ltd. is the Zhongjin Jinqu Return Mixed A fund, which has recently entered the top ten holdings with 368,800 shares [4] - The fund has shown a significant increase in value, with a 104.23% rise over the past year [4]