同益中2025年中报简析：营收净利润同比双双增长，存货明显上升

Financial Performance - The company reported a total revenue of 483 million yuan for the first half of 2025, representing a year-on-year increase of 89.7% [1] - The net profit attributable to shareholders was 66.48 million yuan, up 41.13% year-on-year [1] - In Q2 2025, total revenue was 230 million yuan, showing a year-on-year growth of 60.68%, while net profit decreased by 21.92% to 23.08 million yuan [1] - The gross margin was 31.23%, down 13.63% year-on-year, and the net margin was 14.09%, down 26.06% year-on-year [1] Balance Sheet and Cash Flow - Inventory increased significantly, with a year-on-year growth of 53.84% [1] - Cash and cash equivalents decreased by 15.90% to 364 million yuan [1] - Accounts receivable rose by 154.31% to 95.10 million yuan [1] - Interest-bearing debt surged by 757.44% to 283 million yuan [1] - The company reported earnings per share of 0.30 yuan, a 42.86% increase year-on-year, and operating cash flow per share of 0.37 yuan, up 23.36% [1] Investment Metrics - The company's return on invested capital (ROIC) was 9.34%, indicating average capital returns [3] - The historical median ROIC since the company went public is 10.51%, with the lowest ROIC recorded in 2021 at 5.67% [3] - Analysts expect the company's performance in 2025 to reach 200 million yuan, with an average earnings per share forecast of 0.89 yuan [3] Fund Holdings - The largest fund holding the company’s shares is the Dongfanghong Enhanced Bond A Fund, which has recently entered the top ten holdings with 450,000 shares [4] - The fund's current size is 558 million yuan, with a net value of 1.3549 as of August 29, showing a 39.46% increase over the past year [5]