凤竹纺织2025年中报简析：净利润同比增长31.77%，盈利能力上升

Core Viewpoint - Fengzhu Textile (600493) reported a decline in total revenue for the first half of 2025, but an increase in net profit, indicating improved profitability despite lower sales [1] Financial Performance Summary - Total revenue for the first half of 2025 was 426 million yuan, a decrease of 7.63% year-on-year [1] - Net profit attributable to shareholders was 7.95 million yuan, an increase of 31.77% year-on-year [1] - In Q2 2025, total revenue was 233 million yuan, down 7.99% year-on-year, while net profit was 5.12 million yuan, up 19.42% year-on-year [1] - Gross margin increased by 11.8% to 13.57%, and net margin rose by 42.65% to 1.86% [1] - Total expenses (selling, administrative, and financial) amounted to 34.36 million yuan, accounting for 8.06% of revenue, an increase of 13.74% year-on-year [1] Key Financial Ratios - Earnings per share (EPS) increased by 31.53% to 0.03 yuan [1] - Operating cash flow per share rose by 44.73% to 0.08 yuan [1] - Net asset value per share increased by 3.25% to 4.10 yuan [1] Business Evaluation - The company's return on invested capital (ROIC) was 4.24% last year, indicating weak capital returns [1] - Historical data shows a median ROIC of 3.71% over the past decade, with the lowest ROIC recorded at 2.81% in 2015 [1] - The company has reported a total of 20 annual reports since its listing, with one year of losses, suggesting a need for further investigation into underlying causes [1]