溢多利2025年中报简析：增收不增利

Financial Performance - Company reported a total revenue of 415 million yuan for the first half of 2025, an increase of 4.48% year-on-year [1] - Net profit attributable to shareholders was 13.997 million yuan, a significant decrease of 66.5% compared to the previous year [1] - In Q2 2025, total revenue reached 213 million yuan, up 7.17% year-on-year, while net profit was 9.1264 million yuan, down 58.8% [1] Profitability Metrics - Gross margin stood at 46.06%, a decline of 1.54% year-on-year [1] - Net margin was 3.51%, reflecting a decrease of 66.74% compared to the previous year [1] - Total expenses (selling, administrative, and financial) amounted to 121 million yuan, accounting for 29.11% of revenue, an increase of 5.71% year-on-year [1] Shareholder Metrics - Earnings per share (EPS) was 0.03 yuan, down 66.59% year-on-year [1] - Book value per share was 5.26 yuan, a decrease of 1.4% compared to the previous year [1] - Operating cash flow per share was 0.0 yuan, a drastic decline of 97.34% year-on-year [1] Capital Efficiency - The company's return on invested capital (ROIC) was 0.93% last year, indicating weak capital returns [3] - Historical median ROIC over the past decade was 5.47%, with the worst year being 2021 at -1.33% [3] - The company has reported two years of losses since its IPO, suggesting a fragile business model [3] Accounts Receivable - The accounts receivable to profit ratio reached 709.12%, indicating potential issues with cash flow management [3]