SCIE(SH:600546) Sou Hu Cai Jing·2025-08-28 22:17Core Viewpoint - Shanmei International (600546) reported a significant decline in financial performance for the first half of 2025, with net profit down 49.25% year-on-year and total revenue decreasing by 31.28% [1] Financial Performance Summary - Total revenue for the first half of 2025 was 9.66 billion yuan, down from 14.057 billion yuan in the same period of 2024, representing a decrease of 31.28% [1] - Net profit attributable to shareholders was 655 million yuan, a decline of 49.25% compared to 1.291 billion yuan in the previous year [1] - The gross profit margin decreased to 31.49%, down 7.16 percentage points from 33.92% in 2024 [1] - The net profit margin fell to 9.56%, a decrease of 24.31% from 12.64% in the previous year [1] - Total expenses (selling, administrative, and financial) amounted to 902 million yuan, which is 9.34% of revenue, an increase of 21.07% year-on-year [1] - Earnings per share dropped to 0.33 yuan, down 49.23% from 0.65 yuan in 2024 [1] - Operating cash flow per share was -0.24 yuan, a significant decrease of 119.71% compared to 1.2 yuan in the previous year [1] Debt and Investment Return Analysis - The company's return on invested capital (ROIC) for the previous year was 12.87%, indicating strong capital returns, but the historical median ROIC over the past decade is only 7.58%, suggesting weak investment returns [3] - The company has experienced two years of losses since its listing, indicating a fragile business model [3] - The interest-bearing debt ratio has reached 22.3%, suggesting a need for attention to the company's debt situation [3] Fund Holdings Summary - The largest fund holding Shanmei International is Wanjiac精选混合A, which has reduced its holdings to 13.0273 million shares [4] - Other funds, such as 国联安小盘精选混合 and 国企红利LOF, have increased their positions, indicating mixed sentiment among institutional investors [4]