Core Viewpoint - The recent financial report of Xinbao Co., Ltd. (002705) shows a modest increase in total revenue and a significant rise in net profit, indicating improved profitability and operational efficiency [1]. Financial Performance - Total revenue for the first half of 2025 reached 7.802 billion yuan, a year-on-year increase of 1.03% [1]. - Net profit attributable to shareholders was 543 million yuan, reflecting a year-on-year growth of 22.79% [1]. - In Q2 2025, total revenue was 3.968 billion yuan, a decline of 6.6% compared to the previous year, while net profit for the same period was 296 million yuan, up 9.84% year-on-year [1]. Profitability Metrics - Gross margin improved to 22.08%, an increase of 1.46% year-on-year [1]. - Net margin rose to 7.26%, marking an 18.62% increase compared to the previous year [1]. - The total of selling, administrative, and financial expenses was 689 million yuan, accounting for 8.83% of revenue, which is a 5.53% increase year-on-year [1]. Key Financial Ratios - Earnings per share (EPS) increased to 0.67 yuan, a rise of 24.32% year-on-year [1]. - Operating cash flow per share was 0.09 yuan, reflecting a 27.98% increase year-on-year [1]. - The company's net asset value per share was 10.27 yuan, up 8.88% year-on-year [1]. Investment Insights - The company's return on invested capital (ROIC) for the previous year was 12.78%, indicating strong capital returns [3]. - The average ROIC over the past decade stands at 11.79%, suggesting a generally stable investment return [3]. - Analysts project a net profit of 1.15 billion yuan for 2025, with an average EPS forecast of 1.42 yuan [4]. Fund Holdings - The largest fund holding Xinbao shares is the FuGuo Stable Enhanced Bond A/B, with 2.6636 million shares, which has seen a reduction in holdings [5]. - Other funds have increased their positions, indicating a mixed sentiment among institutional investors [5].
新宝股份2025年中报简析:营收净利润同比双双增长,盈利能力上升