钢研纳克2025年中报简析：营收净利润同比双双增长，盈利能力上升

Core Viewpoint - Steel Research Nack (300797) reported a strong performance in its 2025 mid-year financial results, with significant increases in revenue and net profit compared to the previous year [1] Financial Performance - Total revenue reached 499 million yuan, a year-on-year increase of 9.24% [1] - Net profit attributable to shareholders was 58.26 million yuan, up 20.92% year-on-year [1] - In Q2 alone, total revenue was 280 million yuan, reflecting a 10.91% increase year-on-year, while net profit for the quarter was 42.18 million yuan, up 16.8% [1] - Gross margin improved to 44.93%, with a slight increase of 0.15% year-on-year, while net margin rose to 9.63%, a significant increase of 24.88% [1] Cost Management - Total selling, administrative, and financial expenses amounted to 136 million yuan, accounting for 27.15% of revenue, a decrease of 5.17% year-on-year [1] - Financial expenses decreased by 52.83%, attributed to increased exchange gains and reduced leasing financing costs [1][2] Cash Flow and Assets - Cash flow from operating activities saw a remarkable increase of 99.35%, driven by higher cash receipts from sales [2] - Cash and cash equivalents increased by 61.35%, also due to higher cash receipts from sales [5] - The company’s monetary funds rose to 202 million yuan, a 44.42% increase year-on-year [1] Investment and Financing Activities - Cash flow from investing activities decreased by 48.12%, primarily due to increased capital expenditures on fixed assets [3] - Cash flow from financing activities increased by 40.33%, reflecting higher cash inflows from borrowings [4] Business Model and Future Outlook - The company relies heavily on research and marketing for its performance, with a focus on expanding its testing services and geographical presence [6][7] - Analysts expect the company to achieve a revenue of 178 million yuan in 2025, with an average earnings per share of 0.46 yuan [7] - The company is expanding its testing capabilities and aims to enhance its integrated solution offerings across the supply chain [7]