苏利股份（603585）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 - Su Li Co., Ltd. (603585) reported strong financial performance for the first half of 2025, with significant increases in revenue and net profit, indicating improved profitability and operational efficiency [1] Financial Performance - Total revenue reached 1.303 billion yuan, a year-on-year increase of 25.04% [1] - Net profit attributable to shareholders was 79.79 million yuan, up 1128.33% year-on-year [1] - Gross margin improved to 20.79%, reflecting a 49.43% increase compared to the previous year [1] - Net margin surged to 6.59%, marking a 1064.08% increase year-on-year [1] Quarterly Performance - In Q2 2025, total revenue was 655 million yuan, a 17.82% increase year-on-year [1] - Q2 net profit attributable to shareholders was 45.66 million yuan, up 374.9% year-on-year [1] Cost and Expense Analysis - Total selling, administrative, and financial expenses amounted to 103 million yuan, accounting for 7.87% of revenue, a 12.28% increase year-on-year [1] - Sales expenses rose by 25.47% due to increased market expansion efforts [2] - Management expenses increased by 28.44% driven by a larger workforce and stock incentive plans [4] Cash Flow and Assets - Operating cash flow per share was 0.52 yuan, a significant increase of 479.87% year-on-year [1] - Cash and cash equivalents decreased by 45.3% due to increased project construction expenditures [3] - Accounts receivable rose by 41.92%, indicating higher sales volume [3] Investment and Financing Activities - Investment cash flow increased by 73.82%, attributed to reduced cash payments for fixed asset purchases [4] - Financing cash flow decreased by 103.74%, reflecting adjustments in loan scales based on operational needs [4] Business Model and Market Position - The company relies heavily on capital expenditures for growth, necessitating careful evaluation of capital projects [4] - The return on invested capital (ROIC) was 0.35% last year, indicating a need for improved capital efficiency [4] - The company has a historical median ROIC of 15.31%, suggesting potential for better investment returns [4]