康隆达2025年中报简析：营收净利润同比双双增长，短期债务压力上升

Core Insights - Kanglongda (603665) reported a total revenue of 713 million yuan for the first half of 2025, reflecting a year-on-year increase of 3.63% [1] - The net profit attributable to shareholders reached 112 million yuan, showing a significant year-on-year increase of 323.61% [1] - The company experienced a decline in revenue and net profit in the second quarter, with total revenue of 334 million yuan, down 20.81% year-on-year, and a net profit of -1.98 million yuan, down 113.68% year-on-year [1] Financial Performance - The gross profit margin was 20.3%, a decrease of 15.92% year-on-year, while the net profit margin improved to 13.86%, an increase of 270.32% [1] - Total operating expenses (selling, administrative, and financial expenses) amounted to 96.88 million yuan, accounting for 13.58% of revenue, down 22.38% year-on-year [1] - Earnings per share (EPS) increased to 0.69 yuan, a year-on-year increase of 322.58%, while operating cash flow per share reached 0.12 yuan, up 368.21% year-on-year [1] Debt and Cash Flow Analysis - The company's short-term debt pressure increased, with a current ratio of 0.55, indicating potential liquidity issues [1] - Cash and cash equivalents decreased to 267 million yuan, down 26.39% year-on-year, while interest-bearing liabilities decreased to 1.206 billion yuan, down 24.79% year-on-year [1] - The company has a historical median Return on Invested Capital (ROIC) of 10.31%, but the worst year recorded a ROIC of -19.22% in 2024, indicating a weak business model [3] Analyst Expectations - Analysts expect the company's performance in 2025 to reach 172 million yuan, with an average EPS forecast of 1.07 yuan [4]