Core Viewpoint - Delmar (301332) reported a moderate increase in revenue and net profit for the first half of 2025, with total revenue reaching 1.686 billion yuan, up 3.99% year-on-year, and net profit of 68.68 million yuan, up 1.08% year-on-year [1] Financial Summary - Total revenue for the second quarter of 2025 was 908 million yuan, reflecting a year-on-year increase of 0.33% - Net profit for the second quarter was 45.06 million yuan, showing a year-on-year increase of 1.04% [1] - The company's gross margin was 31.73%, down 1.18% year-on-year, while the net margin was 4.03%, down 1.88% year-on-year [1] - Total operating expenses (selling, administrative, and financial) amounted to 362 million yuan, accounting for 21.48% of revenue, a decrease of 5.68% year-on-year [1] - Earnings per share remained unchanged at 0.15 yuan, while operating cash flow per share dropped significantly by 78.69% to 0.02 yuan [1] Accounts Receivable and Financial Health - Accounts receivable increased significantly, with a year-on-year growth of 35.27%, reaching 527 million yuan [1] - The company's interest-bearing debt surged by 566.65%, amounting to 37.46 million yuan [1] - The return on invested capital (ROIC) for the previous year was 4.18%, indicating weak capital returns, with a historical median ROIC of 14.41% since the company went public [1][2] Business Model and Future Outlook - The company's performance is primarily driven by research and marketing efforts, necessitating a thorough examination of these underlying drivers [2] - Analysts project that the company's performance for 2025 will reach 156 million yuan, with an average earnings per share forecast of 0.34 yuan [2]
德尔玛2025年中报简析：营收净利润同比双双增长，应收账款上升