银河磁体2025年中报简析：净利润同比增长7.26%，盈利能力上升

Financial Performance - The company's total revenue for the first half of 2025 was 389 million yuan, a decrease of 2.01% year-on-year [1] - The net profit attributable to shareholders was 84.25 million yuan, an increase of 7.26% year-on-year [1] - In Q2 2025, total revenue was 210 million yuan, down 0.56% year-on-year, while net profit was 44.82 million yuan, up 16.44% year-on-year [1] - The gross margin increased by 3.55% to 35.11%, and the net margin increased by 9.46% to 21.63% [1] Cost and Expenses - Total selling, administrative, and financial expenses amounted to 19.62 million yuan, accounting for 5.04% of revenue, which is a 52.0% increase year-on-year [1] - The company's cash flow per share decreased by 87.4% to 0.06 yuan [1] Asset and Liabilities - The company reported a decrease in cash assets to 480 million yuan, down 5.00% year-on-year [1] - Accounts receivable slightly decreased to 239 million yuan, down 0.50% year-on-year [1] - Interest-bearing liabilities increased significantly by 489.98% to 32.83 million yuan [1] Return on Investment - The company's return on invested capital (ROIC) was 9.11%, indicating average capital returns [3] - The historical median ROIC over the past decade was 10.49%, with the lowest recorded ROIC in 2015 at 8.25% [3] Debt Servicing Ability - The company has a healthy cash asset position, indicating good debt servicing capability [4] Accounts Receivable - The accounts receivable to profit ratio has reached 162.53%, suggesting a need for attention in this area [5]