麒麟信安2025年中报简析：营收上升亏损收窄，盈利能力上升

Core Insights - Kirin Security's revenue for the first half of 2025 reached 94.06 million yuan, a year-on-year increase of 5.19%, while the net profit attributable to shareholders was -10.38 million yuan, improving by 28.61% compared to the previous year [1] - The company's gross margin increased by 12.9% to 81.01%, and the net margin improved by 32.04% to -11.05% [1] - The second quarter of 2025 showed significant growth, with total revenue of 58.14 million yuan, up 28.4% year-on-year, and a net profit of 3.30 million yuan, up 145.34% [1] Financial Performance - Total revenue for 2024 was 89.42 million yuan, while for 2025 it was 94.06 million yuan, reflecting a growth of 5.19% [1] - The net profit for 2024 was -14.55 million yuan, improving to -10.38 million yuan in 2025, marking a 28.61% increase [1] - The gross margin for 2024 was 71.76%, which increased to 81.01% in 2025, a rise of 12.9% [1] - The net margin improved from -16.27% in 2024 to -11.05% in 2025, an increase of 32.04% [1] Cost Structure - Total selling, administrative, and financial expenses amounted to 71.84 million yuan, accounting for 76.37% of revenue, which is a 23.53% increase year-on-year [1] - The company's cash flow per share improved from -0.40 yuan to -0.16 yuan, a 60.85% increase [1] Investment Metrics - The company's return on invested capital (ROIC) was 0.36%, indicating weak capital returns, with a historical median ROIC of 29.7% since its listing [3] - The net profit margin for the previous year was 2.69%, suggesting low added value for products or services [3] Fund Holdings - The largest fund holding Kirin Security is the Penghua Macro Flexible Allocation Mixed Fund, which holds 52,000 shares and has recently entered the top ten holdings [4] - The fund's current scale is 0.79 billion yuan, with a recent net value of 1.079, reflecting a 35.85% increase over the past year [4]