三角防务2025年中报简析：净利润同比下降17.47%，盈利能力上升

Financial Performance - The company reported total revenue of 785 million yuan for the first half of 2025, a decrease of 24.8% year-on-year [1] - The net profit attributable to shareholders was 270 million yuan, down 17.47% compared to the previous year [1] - In Q2 2025, total revenue was 382 million yuan, reflecting a decline of 28.37% year-on-year, while net profit for the quarter was 142 million yuan, down 11.81% [1] - The gross margin increased by 2.9% year-on-year to 43.53%, and the net margin rose by 15.44% to 34.43% [1] Cost and Expenses - Total selling, administrative, and financial expenses amounted to 11.52 million yuan, representing 1.47% of revenue, which is a significant increase of 3803.16% year-on-year [1] - The company’s cash flow from operations per share was -0.48 yuan, an increase of 6.95% year-on-year [1] Asset and Liabilities - Cash and cash equivalents decreased by 34.54% year-on-year to 6.18 billion yuan [1] - Accounts receivable also fell by 26.70% year-on-year to 1.49 billion yuan [1] - Interest-bearing debt decreased by 32.13% year-on-year to 1.18 billion yuan [1] Investment Metrics - The company's return on invested capital (ROIC) was 4.51%, indicating a relatively weak capital return [3] - The historical median ROIC since the company’s listing is 10.08%, with a notable low of 0.67% in 2015 [3] - The net profit margin for the previous year was reported at 23.91%, suggesting high added value in products or services [3] Fund Holdings - The largest fund holding in the company is the Wanjiayi He Flexible Allocation Mixed A fund, which holds 767,200 shares [4] - Several funds have newly entered the top ten shareholders, indicating growing interest in the company [4]