浩洋股份2025年中报简析：净利润同比下降61.69%，三费占比上升明显

Core Viewpoint - The recent financial report of Haoyang Co., Ltd. (300833) indicates a significant decline in both revenue and net profit for the first half of 2025 compared to the previous year, raising concerns about the company's financial health and operational efficiency [1]. Financial Performance - The total revenue for the first half of 2025 was 522 million yuan, representing a year-on-year decrease of 21.99% [1]. - The net profit attributable to shareholders was 77.749 million yuan, down 61.69% year-on-year [1]. - In Q2 2025, total revenue was 232 million yuan, a decline of 34.44% compared to the same quarter last year [1]. - The net profit for Q2 2025 was 24.4905 million yuan, reflecting a 76.08% decrease year-on-year [1]. Cost Structure - The proportion of three major expenses (financial, sales, and management) increased significantly, with a total of 122 million yuan, accounting for 23.42% of total revenue, which is a year-on-year increase of 122.88% [1]. - The gross margin was 50.55%, down 2.52% year-on-year, while the net margin dropped to 15.07%, a decrease of 50.73% [1]. Key Financial Ratios - The earnings per share (EPS) fell to 0.61 yuan, a decline of 61.69% year-on-year [1]. - The operating cash flow per share was 0.39 yuan, down 69.29% compared to the previous year [1]. - The company's net asset value per share increased slightly to 18.68 yuan, up 1.52% year-on-year [1]. Investment and Market Position - The company's return on invested capital (ROIC) for the previous year was 11.55%, indicating average capital returns [3]. - The historical median ROIC since the company went public is 15.6%, suggesting a generally favorable investment return over time [3]. - The company's cash assets are reported to be in a healthy state, indicating good liquidity [3]. Fund Holdings - The largest fund holding Haoyang Co., Ltd. is the Huaxia Stable Pension One-Year Holding Mixed Fund (FOF) A, which holds 0.58 million shares and has shown a recent increase in net value [4].