嘉友国际2025年中报简析：净利润同比下降26.15%

Financial Performance - The company reported a net profit of 561 million yuan for the first half of 2025, a decrease of 26.15% year-on-year [1] - Total operating revenue was 4.084 billion yuan, down 11.99% compared to the same period last year [1] - In Q2 2025, operating revenue was 1.789 billion yuan, reflecting a significant decline of 32.37% year-on-year [1] - The gross profit margin decreased to 18.17%, down 13.86% year-on-year, while the net profit margin fell to 13.86%, a decrease of 15.63% [1] Cost and Expenses - Total selling, administrative, and financial expenses amounted to 95.3365 million yuan, which is 2.33% of revenue, marking a 57.19% increase year-on-year [1] - The company's cash flow per share was 0.23 yuan, down 63.4% year-on-year [1] Key Financial Ratios - The company's return on invested capital (ROIC) was 23.23% last year, indicating strong capital returns [3] - The historical median ROIC since the company went public is 23.65%, suggesting consistent investment returns [3] - The estimated dividend yield for the company is 4.19% [3] Fund Holdings - The largest fund holding the company’s shares is the Invesco Great Wall Jing Sheng Dual Income Bond A, with 8.6211 million shares [4] - Other funds increasing their holdings include Tianhong Multi-Asset Income Bond A and Invesco Great Wall Jing Yi Bond A [4]