星球石墨上半年营收3.10亿元同比增5.77%，归母净利润4666.64万元同比降24.50%，毛利率下降7.20个百分点

Core Viewpoint - The financial report of Xingqiu Graphite for the first half of 2025 indicates a mixed performance with revenue growth but a significant decline in net profit [1][2]. Financial Performance - The company's revenue for the first half of 2025 was 310 million yuan, representing a year-on-year increase of 5.77% [1]. - The net profit attributable to shareholders was 46.67 million yuan, a decrease of 24.50% compared to the previous year [1]. - The net profit after deducting non-recurring gains and losses was 35.50 million yuan, down 30.54% year-on-year [1]. - Basic earnings per share stood at 0.32 yuan [1]. - The gross margin for the first half of 2025 was 33.83%, down 7.20 percentage points year-on-year, while the net margin was 14.95%, a decline of 6.11 percentage points [1]. Quarterly Insights - In Q2 2025, the gross margin was 34.72%, a decrease of 6.25 percentage points year-on-year but an increase of 2.15 percentage points quarter-on-quarter [1]. - The net margin for Q2 was 16.27%, down 2.77 percentage points year-on-year but up 3.20 percentage points from the previous quarter [1]. Expense Analysis - Total operating expenses for the first half of 2025 were 60.47 million yuan, a slight decrease of 0.41 million yuan year-on-year [2]. - The expense ratio was 19.48%, down 1.27 percentage points from the previous year [2]. - Sales expenses increased by 8.82%, while management and R&D expenses decreased by 13.75% and 9.82%, respectively [2]. - Financial expenses saw a significant increase of 40.97% [2]. Company Overview - Xingqiu Graphite, established on October 24, 2001, is located in Rugao City, Jiangsu Province, and was listed on March 24, 2021 [2]. - The company's main business includes the research, production, sales, and maintenance services of graphite equipment [2]. - Revenue composition includes graphite equipment (53.78%), equipment parts (20.66%), maintenance services (10.99%), and others (8.67%) [2]. - The company belongs to the machinery and equipment industry, specifically in specialized equipment for energy and heavy machinery [2].