联美控股2025年中报简析：净利润同比增长9.88%，盈利能力上升

Core Insights - The company reported a total revenue of 1.898 billion yuan for the first half of 2025, a decrease of 2.65% year-on-year, while the net profit attributable to shareholders increased by 9.88% to 525 million yuan [1] - The second quarter revenue was 200 million yuan, down 14.34% year-on-year, with a net profit of -93.49 million yuan, a decline of 7.81% [1] - The company's profitability improved, with a gross margin increase of 10.62% to 39.22% and a net margin increase of 11% to 27.92% [1] Financial Performance - Total revenue for 2024 was 1.95 billion yuan, compared to 1.898 billion yuan in 2025, reflecting a decline of 2.65% [1] - Net profit for 2024 was 477 million yuan, while it rose to 525 million yuan in 2025, showing an increase of 9.88% [1] - The company's gross margin was 39.22% in 2025, up from 35.46% in 2024, indicating a year-on-year increase of 10.62% [1] - The net margin improved from 25.15% in 2024 to 27.92% in 2025, an increase of 11% [1] Cost and Expenses - Total selling, administrative, and financial expenses amounted to 79.6044 million yuan, representing 4.19% of revenue, which is an increase of 85.83% year-on-year [1] - The operating cash flow per share was -0.2 yuan in 2025, a decrease of 40.86% compared to -0.14 yuan in 2024 [1] Asset and Liabilities - Cash and cash equivalents decreased from 7.724 billion yuan in 2024 to 6.754 billion yuan in 2025, a decline of 12.61% [1] - Accounts receivable increased from 991 million yuan in 2024 to 1.115 billion yuan in 2025, reflecting a growth of 12.5% [1] - Interest-bearing debt decreased from 2.455 billion yuan in 2024 to 2.324 billion yuan in 2025, a reduction of 5.33% [1] Investment Returns - The company's return on invested capital (ROIC) for the previous year was 3.61%, indicating weak capital returns [3] - The historical median ROIC over the past decade was 16.54%, suggesting better investment returns historically [3] - The net profit margin for the previous year was 18.48%, indicating high added value in products or services [3] Analyst Expectations - Analysts expect the company's performance in 2025 to reach 805 million yuan, with an average earnings per share of 0.35 yuan [3]