衢州发展2025年中报简析：净利润同比下降83.07%，三费占比上升明显

Financial Performance - The company reported total revenue of 707 million yuan for the first half of 2025, a significant decline of 94.39% year-on-year [1] - The net profit attributable to shareholders was 260 million yuan, down 83.07% compared to the previous year [1] - In Q2 2025, total revenue was 363 million yuan, reflecting a 96.51% decrease year-on-year, while the net profit was -164 million yuan, a decline of 114.12% [1] - The gross margin was 25.24%, down 39.98% year-on-year, while the net margin increased to 23.2%, up 14.14% [1] - The total of selling, administrative, and financial expenses reached 1.036 billion yuan, accounting for 146.48% of total revenue, an increase of 1527.98% year-on-year [1] Cash Flow and Debt - The company has healthy cash assets, with cash and cash equivalents amounting to 7.109 billion yuan, a 19.05% increase year-on-year [1][3] - The company’s debt situation shows a decrease in interest-bearing liabilities to 26.743 billion yuan, down 12.46% year-on-year [1] - The cash flow situation is concerning, with a cash flow from operations average over the past three years being negative [4] Investment Metrics - The company's return on invested capital (ROIC) was 4.92% last year, indicating weak capital returns [3] - The historical median ROIC over the past decade is 5.01%, suggesting generally low investment returns [3] - The company’s earnings per share (EPS) was 0.03 yuan, down 82.78% year-on-year [1] Fund Holdings - The largest fund holding shares of the company is the Southern CSI Real Estate ETF, which holds 54.2864 million shares and has increased its position [5] - Other funds, such as the Yinhua CSI Mainland Real Estate Theme ETF, have also increased their holdings, while several funds have reduced their positions [5]