鸿博股份2025年中报简析：营收净利润同比双双增长，盈利能力上升

Core Viewpoint - Hongbo Co., Ltd. (002229) reported significant growth in its 2025 mid-year financial results, with total revenue reaching 790 million yuan, a year-on-year increase of 197.92%, and a net profit of 42.26 million yuan, up 206.81% compared to the previous year [1] Financial Performance - Total revenue for the first half of 2025 was 790 million yuan, compared to 265 million yuan in the same period of 2024, reflecting a growth of 197.92% [1] - The net profit attributable to shareholders was 42.26 million yuan, a significant turnaround from a loss of 39.56 million yuan in 2024, marking a year-on-year increase of 206.81% [1] - The second quarter of 2025 saw total revenue of 113 million yuan, a slight increase of 2.69% year-on-year, but a net loss of 42.32 million yuan, a decline of 191.86% compared to the previous year [1] Profitability Metrics - The gross profit margin improved to 20.06%, with a year-on-year increase of 125.58%, while the net profit margin reached 6.1%, up 150.31% from the previous year [1] - The total of selling, administrative, and financial expenses was 69.32 million yuan, accounting for 8.77% of revenue, a decrease of 66.49% year-on-year [1] Asset and Liability Management - Cash and cash equivalents decreased to 431 million yuan, down 27.58% from the previous year [1] - Accounts receivable also declined to 237 million yuan, a decrease of 21.31% year-on-year [1] - Interest-bearing liabilities increased to 450 million yuan, reflecting a rise of 21.72% compared to the previous year [1] Shareholder Metrics - The net asset per share was 2.6 yuan, down 14.08% year-on-year, while earnings per share improved to 0.09 yuan, a significant increase of 206.86% [1] - Operating cash flow per share was -0.19 yuan, a decrease of 17.20% compared to the previous year [1] Historical Performance Insights - The company's historical financial performance has been mixed, with a median Return on Invested Capital (ROIC) of 1.01% over the past decade, indicating weak investment returns [1] - The worst year for ROIC was 2024, with a value of -12.72%, highlighting the company's fragile business model [1]