金龙机电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 - Jinlong Electromechanical (300032) reported a significant improvement in its financial performance for the first half of 2025, with total revenue and net profit showing substantial year-on-year growth [1] Financial Performance Summary - Total revenue reached 793 million yuan, an increase of 22.46% compared to the previous year [1] - Net profit attributable to shareholders was 10.2365 million yuan, up 127.2% year-on-year [1] - In Q2 2025, total revenue was 443 million yuan, reflecting a 19.69% increase year-on-year [1] - Q2 net profit attributable to shareholders was -6.2608 million yuan, but this represented a 78.22% improvement year-on-year [1] Profitability Metrics - Gross margin increased by 8.46% to 13.19% [1] - Net margin improved significantly to 1.35%, up 123.13% year-on-year [1] - Total selling, administrative, and financial expenses amounted to 72.7772 million yuan, accounting for 9.18% of revenue, a decrease of 30.64% [1] Key Financial Ratios - Earnings per share (EPS) rose to 0.01 yuan, a 127.14% increase year-on-year [1] - Operating cash flow per share was 0.0 yuan, up 105.14% year-on-year [1] - The company's net asset per share decreased to 0.84 yuan, down 9.82% year-on-year [1] Historical Context - The company has shown a poor historical return on invested capital (ROIC), with a median of -5.63% over the past decade [1] - The worst year recorded was 2018, with an ROIC of -65.46% [1] - The company has reported losses in 6 out of its 15 annual reports since going public, indicating a generally weak financial history [1]