三元生物2025年中报简析：净利润同比增长10.73%，盈利能力上升

Financial Performance - The company's total revenue for the first half of 2025 was 318 million yuan, a decrease of 15.62% year-on-year [1] - The net profit attributable to shareholders was 57.48 million yuan, an increase of 10.73% year-on-year [1] - The gross profit margin increased by 84.53% year-on-year to 19.2%, while the net profit margin rose by 30.97% to 18.04% [1] - The total of selling, administrative, and financial expenses was 14.66 million yuan, accounting for 4.61% of revenue, which is an increase of 182.81% year-on-year [1] - Earnings per share increased by 11.54% to 0.29 yuan, while operating cash flow per share decreased by 91.59% to 0.01 yuan [1] Business Evaluation - The company's return on invested capital (ROIC) was 2.26% last year, indicating weak capital returns [3] - The net profit margin was 14.72%, suggesting high added value in products or services [3] - Historical data shows a median ROIC of 34.73% since the company went public, with the worst year being 2023 at 1.17% [3] Debt and Cash Management - The company has a healthy cash asset position, indicating good debt repayment capability [4] - The business model relies heavily on capital expenditures, necessitating careful evaluation of the profitability of these projects [4]