得利斯2025年中报简析：增收不增利

Core Viewpoint - The company Delisi (002330) reported an increase in revenue but a significant decline in profit for the first half of 2025, indicating challenges in profitability despite higher sales [1]. Financial Performance - Total revenue for the first half of 2025 reached 1.616 billion yuan, a year-on-year increase of 17.04% [1]. - Net profit attributable to shareholders was 10.303 million yuan, down 27.24% year-on-year [1]. - In Q2 2025, total revenue was 871 million yuan, up 45.71% year-on-year, while net profit was 544,800 yuan, a decrease of 20.57% year-on-year [1]. Profitability Metrics - Gross margin stood at 8.97%, a decrease of 10.37% compared to the previous year [1]. - Net margin improved to 0.94%, an increase of 16.63% year-on-year [1]. - Total selling, administrative, and financial expenses amounted to 111 million yuan, accounting for 6.9% of revenue, down 5.61% year-on-year [1]. Cash Flow and Assets - Cash and cash equivalents decreased to 538 million yuan, down 19.30% year-on-year [1]. - Accounts receivable increased to 216 million yuan, a rise of 17.03% year-on-year [1]. - Interest-bearing debt rose to 664 million yuan, an increase of 21.59% year-on-year [1]. Shareholder Metrics - Net asset value per share was 3.61 yuan, down 3.06% year-on-year [1]. - Earnings per share remained at 0.02 yuan, reflecting a decrease of 27.27% year-on-year [1]. - Operating cash flow per share was -0.03 yuan, a significant decline of 223.42% year-on-year [1]. Business Model and Investment Returns - The company's historical return on invested capital (ROIC) has been weak, with a median of 0.99% over the past decade and a particularly poor ROIC of -1.47% in 2023 [1]. - The business model relies heavily on capital expenditures, necessitating careful evaluation of the effectiveness and necessity of these investments [1].