新宏泽（002836）2025年中报简析：营收净利润同比双双增长

Core Viewpoint - New Hongze (002836) reported a strong performance in its 2025 mid-year financial results, with significant year-on-year growth in both revenue and net profit, although some profitability margins showed a decline [1] Financial Performance Summary - Total revenue reached 200 million yuan, an increase of 30.9% year-on-year [1] - Net profit attributable to shareholders was 31.46 million yuan, up 11.41% year-on-year [1] - The second quarter revenue was 99.20 million yuan, reflecting a 16.3% increase year-on-year, while net profit for the same period was 15.46 million yuan, down 12.44% year-on-year [1] - Gross margin was 29.78%, down 9.47% year-on-year, and net margin was 15.7%, down 14.89% year-on-year [1] - Total operating expenses were 14.20 million yuan, accounting for 7.08% of revenue, a decrease of 9.9% year-on-year [1] - Earnings per share increased to 0.14 yuan, a rise of 12.27% year-on-year [1] Cash Flow and Balance Sheet Analysis - Cash and cash equivalents decreased by 37.25% to 80.43 million yuan [1] - Accounts receivable dropped by 71.25% to 6.14 million yuan [1] - Interest-bearing debt increased by 10.24% to 348,900 yuan [1] - Operating cash flow per share was 0.17 yuan, down 51.32% year-on-year [1] Business Evaluation - The company's return on invested capital (ROIC) was 16.61%, indicating strong capital returns [2] - Historical data shows a median ROIC of 14.53% since the company went public, with a notable low of 2.8% in 2021 [2] Cash Flow Changes - Cash flow from operating activities decreased by 51.32% due to increased payments for goods and wages [3] - Cash flow from investing activities saw a dramatic decline of 836.08% due to increased expenditures on fixed assets and financial products [3] - Cash flow from financing activities increased by 33.82%, as there were no share buybacks in the current reporting period [3] Fund Holdings - The largest fund holding New Hongze is Shenwan Lingshin Dividend Quantitative Stock A, which holds 42,300 shares and has recently entered the top ten holdings [4]