国联股份2025年中报简析：净利润同比下降4.62%，盈利能力上升

Core Insights - Company Guolian Co., Ltd. (国联股份) reported a decline in total revenue and net profit for the first half of 2025 compared to the same period in 2024, with total revenue at 24.049 billion yuan, down 6.52%, and net profit at 680 million yuan, down 4.62% [1] - However, the company showed improvement in its second quarter performance, with total revenue of 13.03 billion yuan, an increase of 7.64%, and net profit of 410 million yuan, an increase of 2.56% [1] - The company's profitability indicators improved, with a gross margin increase of 25.49% to 6.35% and a net margin increase of 3.77% to 3.48% [1] Financial Performance - Total revenue for 2025 was 24.049 billion yuan, down from 25.728 billion yuan in 2024, reflecting a decrease of 6.52% [1] - Net profit decreased to 680 million yuan from 713 million yuan, a decline of 4.62% [1] - The company’s gross margin improved to 6.35%, up from 5.06%, while net margin increased to 3.48% from 3.35% [1] - Operating cash flow per share improved to -0.22 yuan, a 46.14% increase from -0.4 yuan [1] Cost and Expenses - Total selling, administrative, and financial expenses amounted to 302 million yuan, representing 1.26% of revenue, an increase of 31.38% year-on-year [1] - The company’s cash assets remain healthy, with cash assets to current liabilities ratio at 84.97% [3] Investment Metrics - The company's return on invested capital (ROIC) for the previous year was 18.19%, indicating strong capital returns, although the net margin was relatively low at 3.24% [3] - Historical data shows a median ROIC of 19.81% since the company’s listing, with the lowest ROIC recorded at 7.31% in 2014 [3] Shareholder Activity - Major funds holding Guolian Co., Ltd. shares have shown a trend of reducing their positions, with several funds reporting decreased holdings in the 2025 semi-annual report [4] - The largest fund holding is the 招商安华债券A fund, which has a current scale of 7.373 billion yuan and a recent net value increase of 0.03% [4]