明阳电路(300739.SZ)：2025年中报净利润为4150.75万元、较去年同期上涨32.60%

Core Insights - Mingyang Circuit (300739.SZ) reported a total operating revenue of 882 million yuan for the first half of 2025, an increase of 102 million yuan or 13.11% year-on-year [1] - The net profit attributable to shareholders reached 41.51 million yuan, up by 10.21 million yuan or 32.60% compared to the same period last year [1] Financial Performance - Operating cash flow was 78.05 million yuan, ranking 22nd among disclosed peers [1] - The latest debt-to-asset ratio is 30.65%, ranking 15th among peers, a decrease of 11.85 percentage points year-on-year [3] - Gross margin stands at 23.23%, ranking 18th among peers, with a sequential increase of 1.12 percentage points and a year-on-year increase of 0.22 percentage points [3] - Return on equity (ROE) is 1.72%, an increase of 0.13 percentage points year-on-year [3] - Diluted earnings per share are 0.12 yuan, an increase of 0.02 yuan or 20.00% year-on-year [3] - Total asset turnover ratio is 0.25 times, an increase of 0.03 times or 12.77% year-on-year [3] - Inventory turnover ratio is 2.61 times, ranking 21st among peers [3] Shareholder Structure - The number of shareholders is 27,900, with the top ten shareholders holding 186 million shares, accounting for 53.96% of total equity [3] - The largest shareholder is Fengxian Runjiaxi Enterprise Management Co., Ltd., holding 47.64% [3]