三江购物2025年中报简析：营收净利润同比双双增长

Financial Performance - The company reported a total revenue of 1.988 billion yuan for the first half of 2025, representing a year-on-year increase of 1.3% [1] - The net profit attributable to shareholders reached 91.38 million yuan, up 17.55% year-on-year [1] - In Q2 2025, the total revenue was 915 million yuan, showing a 1.51% increase compared to the same quarter last year [1] - The net profit for Q2 2025 was 20.61 million yuan, which is a decrease of 18.97% year-on-year [1] Profitability Metrics - The gross margin was 26.05%, down 3.17% year-on-year [1] - The net profit margin improved to 4.6%, an increase of 16.04% year-on-year [1] - Total selling, administrative, and financial expenses amounted to 412 million yuan, accounting for 20.7% of revenue, a decrease of 2.22% year-on-year [1] Shareholder Value - Earnings per share (EPS) increased to 0.17 yuan, reflecting a year-on-year growth of 17.55% [1] - The net asset value per share rose to 5.83 yuan, up 1.5% year-on-year [1] - Operating cash flow per share improved to 0.31 yuan, a significant increase of 30.59% year-on-year [1] Investment Returns - The company's return on invested capital (ROIC) was 6.84%, indicating average capital returns [3] - The historical median ROIC over the past decade was 2.49%, suggesting weak investment returns [3] - The net profit margin for the previous year was 3.68%, indicating low added value for products or services [3] Fund Holdings - The largest fund holding shares in the company is Minsheng Jianyin Guozheng 2000 Index Enhanced A, which holds 40,800 shares and has recently entered the top ten holdings [4] - The fund's current scale is 0.69 billion yuan, with a net value of 1.6107 as of August 29, showing a decline of 0.28% from the previous trading day, but an increase of 85.5% over the past year [4]