峰岹科技2025年中报简析：增收不增利，三费占比上升明显

Core Viewpoint - Peak Technology (688279) reported a mixed performance in its 2025 mid-year financial results, with revenue growth but a decline in net profit [1] Financial Performance - The company's total revenue reached 375 million yuan, a year-on-year increase of 32.84%, while the net profit attributable to shareholders was 117 million yuan, down 4.51% [1] - In Q2, total revenue was 204 million yuan, up 22.7% year-on-year, but net profit decreased by 7.5% to approximately 66.1 million yuan [1] - The overall expense ratio increased significantly, with total financial, sales, and management expenses rising by 269.62% year-on-year, accounting for 10.09% of total revenue [1] - Gross margin was reported at 52.41%, a decrease of 1.43% year-on-year, while net margin fell by 28.12% to 31.07% [1] - Earnings per share (EPS) was 1.26 yuan, down 4.55% year-on-year, with a net asset value per share of 28.57 yuan, up 7.88% [1] Business Evaluation - The company's return on invested capital (ROIC) for the previous year was 8.71%, indicating average capital returns, while the net profit margin was high at 37.04% [2] - Historical data shows a median ROIC of 37.34% since the company went public, with the lowest ROIC recorded in 2023 at 6.73% [2] - Analysts expect the company's performance in 2025 to reach 294 million yuan, with an average EPS forecast of 2.89 yuan [2] Fund Holdings - The largest fund holding Peak Technology is the Guotai Intelligent Automotive Stock A fund, which has a scale of 3.678 billion yuan and a recent net value increase of 0.43% [3] - Notable fund managers, including Dong Jizhou from Taixin Fund, have increased their holdings in Peak Technology, indicating confidence in the company's potential [2][3]