德固特2025年中报简析：净利润同比下降28.23%，三费占比上升明显

Financial Performance - The company reported total revenue of 250 million yuan for the first half of 2025, a decrease of 8.66% year-on-year [1] - The net profit attributable to shareholders was 49.03 million yuan, down 28.23% year-on-year [1] - In Q2 2025, total revenue was 125 million yuan, an increase of 35.37% year-on-year, while net profit for the same period was 25.36 million yuan, up 43.4% year-on-year [1] - The gross margin was 39.14%, a decrease of 2.91% year-on-year, and the net margin was 19.6%, down 21.42% year-on-year [1] - Total expenses (selling, administrative, and financial) amounted to 25.57 million yuan, representing 10.22% of total revenue, an increase of 80.39% year-on-year [1] Key Financial Ratios - The company's return on invested capital (ROIC) was 12.69% last year, indicating strong capital returns [3] - The median ROIC since the company went public is 10.87%, showing good investment returns [3] - The cash assets of the company are considered very healthy, with a cash to current liabilities ratio of 75.81% [3] Shareholder Information - The largest fund holding the company's shares is the NuAn Flexible Allocation Mixed Fund, which holds 976,800 shares and has recently entered the top ten holdings [4] - Another fund, NuAn Hengxin Mixed Fund, also newly entered the top ten holdings with 136,500 shares [4] - The largest fund has a scale of 657 million yuan and a recent net value of 3.099, with a year-on-year increase of 21.34% [4]