Core Viewpoint - The recent financial report of Victory Energy (001331) shows a year-on-year increase in both revenue and net profit, but with mixed performance indicators, indicating potential challenges ahead [1]. Financial Performance - Total revenue for the first half of 2025 reached 3.039 billion yuan, a year-on-year increase of 26.88% [1]. - Net profit attributable to shareholders was 30.3653 million yuan, up 48.47% year-on-year [1]. - In Q2 2025, total revenue was 1.364 billion yuan, reflecting a 13.75% year-on-year increase, while net profit for the quarter was 797,300 yuan, down 28.86% year-on-year [1]. Profitability Metrics - Gross margin decreased to 0.71%, a decline of 38.1% year-on-year [1]. - Net margin improved to 1.0%, an increase of 17.02% year-on-year [1]. - Total selling, administrative, and financial expenses amounted to 8.538 million yuan, representing 0.28% of revenue, a significant increase of 354.88% year-on-year [1]. Shareholder Metrics - Earnings per share (EPS) increased to 0.11 yuan, a rise of 48.41% year-on-year [1]. - Book value per share decreased to 5.32 yuan, down 41.28% year-on-year [1]. - Operating cash flow per share was 0.81 yuan, a substantial increase of 1071.68% year-on-year [1]. Debt and Cash Flow - The company reported a decrease in cash assets, with monetary funds at 1.043 billion yuan, down 14.36% year-on-year [1]. - Accounts receivable increased to 45.0365 million yuan, a rise of 26.16% year-on-year [1]. - Interest-bearing debt decreased significantly to 40.7216 million yuan, down 59.60% year-on-year [1]. Historical Performance - The company's historical return on invested capital (ROIC) has been relatively low, with a median of 13.4% since its listing, and a particularly poor ROIC of -4.64% in 2023 [3]. - The company has experienced two years of losses since its listing, indicating a fragile business model [3].
胜通能源（001331）2025年中报简析：营收净利润同比双双增长