凌霄泵业2025年中报简析：营收净利润同比双双增长

Core Viewpoint - Lingxiao Pump Industry (002884) reported a year-on-year increase in both revenue and net profit for the first half of 2025, indicating stable growth despite some declines in profit margins and cash flow metrics [1]. Financial Performance - The total revenue for the first half of 2025 reached 840 million yuan, an increase of 11.57% compared to 753 million yuan in the same period of 2024 [1]. - The net profit attributable to shareholders was 234 million yuan, up 7.78% from 217 million yuan in the previous year [1]. - In Q2 2025, the revenue was 474 million yuan, reflecting a 10.64% increase year-on-year, while the net profit for the quarter was 130 million yuan, a rise of 5.85% [1]. - The gross margin was reported at 36.49%, a slight decrease of 0.21% from the previous year, and the net margin was 27.87%, down 3.4% [1]. - Total expenses (selling, administrative, and financial) amounted to 14.44 million yuan, representing a significant increase of 585.32% as a percentage of revenue [1]. Key Ratios and Metrics - The return on invested capital (ROIC) for the previous year was 18.19%, indicating strong capital returns, with a historical median ROIC of 20.25% since the company went public [3]. - The net profit margin for the previous year was 27.79%, suggesting high added value in products or services [3]. - The company's cash assets are reported to be very healthy, indicating good debt repayment capability [3]. Fund Holdings - The largest fund holding Lingxiao Pump Industry is the Southern Quality Preferred Flexible Allocation Mixed A, with 4.36 million shares, which has reduced its holdings [4]. - Other funds have also adjusted their positions, with some new entries into the top ten holdings [4]. Export Dynamics - Sales to the United States have been affected by tariffs, with a maximum tariff of 145% causing customers to hesitate; however, orders are gradually returning to normal following trade discussions that retained a 30% tariff for 2025 [5].