恒光股份2025年中报简析：营收净利润同比双双增长，盈利能力上升

Core Viewpoint - Hengguang Co., Ltd. (301118) reported significant improvements in its financial performance for the first half of 2025, with notable increases in revenue and net profit compared to the previous year [1]. Financial Performance - Total revenue reached 748 million yuan, a year-on-year increase of 28.7% [1]. - Net profit attributable to shareholders was 7.60 million yuan, up 132.51% year-on-year [1]. - In Q2 2025, total revenue was 376 million yuan, reflecting a 28.37% increase year-on-year [1]. - Q2 net profit attributable to shareholders was 3.44 million yuan, marking a 140.69% increase year-on-year [1]. Profitability Metrics - Gross margin improved to 13.06%, with a year-on-year increase of 97.29% [1]. - Net margin was 1.46%, up 135.06% year-on-year [1]. - Total selling, administrative, and financial expenses amounted to 52.47 million yuan, accounting for 7.01% of revenue, a decrease of 7.01% year-on-year [1]. Key Financial Ratios - Earnings per share (EPS) increased to 0.07 yuan, a rise of 131.45% year-on-year [1]. - Operating cash flow per share was 0.27 yuan, up 136.92% year-on-year [1]. - The company's net asset value per share was 12.20 yuan, a slight decrease of 1.68% year-on-year [1]. Historical Context - The company has experienced fluctuations in profitability, with a median ROIC of 17.71% since its listing, but a poor ROIC of -2.65% in 2024 [3]. - The business model relies heavily on capital expenditures, necessitating careful evaluation of the effectiveness of these investments [3]. - Cash flow concerns are highlighted, with cash and cash equivalents only covering 50.46% of current liabilities [3].