天邦食品2025年中报简析：增收不增利

Core Insights - Tianbang Food (002124) reported an increase in revenue but a significant decline in profit for the first half of 2025, indicating a challenging financial environment [1] Financial Performance - The total operating revenue reached 4.693 billion yuan, a year-on-year increase of 8.69% [1] - The net profit attributable to shareholders was 352 million yuan, down 58.14% year-on-year [1] - In Q2 2025, the operating revenue was 2.25 billion yuan, a slight decrease of 0.79% year-on-year, while the net profit was 225 million yuan, down 5.15% year-on-year [1] Profitability Metrics - Gross margin improved to 17.37%, an increase of 105.65% year-on-year [1] - Net margin decreased to 7.5%, down 61.43% year-on-year [1] - Total selling, administrative, and financial expenses amounted to 620 million yuan, accounting for 13.21% of revenue, a decrease of 24.24% year-on-year [1] Cash Flow and Assets - Cash flow per share was 0.22 yuan, a significant increase of 129.2% year-on-year [1] - The company's net assets per share increased to 1.81 yuan, up 31.7% year-on-year [1] - The company reported a decrease in interest-bearing liabilities to 4.281 billion yuan, down 1.4% year-on-year [1] Historical Performance - The company's return on invested capital (ROIC) was 21.14% last year, indicating strong capital returns [1] - The historical median ROIC over the past decade was 9.14%, with three years of losses since its IPO, reflecting a fragile business model [1]