胜蓝股份2025年中报简析：营收净利润同比双双增长，盈利能力上升

Financial Performance - The company reported a total revenue of 774 million yuan for the first half of 2025, representing a year-on-year increase of 28.97% [1] - The net profit attributable to shareholders reached 84.01 million yuan, up 58.13% year-on-year [1] - In Q2 alone, total revenue was 438 million yuan, showing a year-on-year growth of 39.8%, while net profit for the quarter was 53.87 million yuan, an increase of 71.81% year-on-year [1] - The gross margin improved by 2.81% to 25.33%, and the net margin increased by 28.96% to 10.97% [1] Cost Management - Total selling, administrative, and financial expenses amounted to 65.74 million yuan, accounting for 8.49% of revenue, which is a decrease of 14.54% year-on-year [1] - The company’s earnings per share (EPS) increased by 41.67% to 0.51 yuan [1] Financial Ratios - The company’s return on invested capital (ROIC) was 6.46% last year, indicating average capital returns [2] - The historical median ROIC since the company’s listing is 17.53%, with the lowest ROIC recorded in 2022 at 4.64% [2] - The net profit margin last year was 7.8%, suggesting average added value from products or services [2] Cash Flow and Receivables - The cash flow situation is a point of concern, with cash and cash equivalents to current liabilities ratio at 93.73% [2] - Accounts receivable have reached 539.68% of profit, indicating potential issues with receivables management [2]