奥瑞金2025年中报简析：营收净利润同比双双增长，应收账款上升

Core Viewpoint - The financial performance of Aorijin (002701) for the first half of 2025 shows significant growth in revenue and net profit, driven by the consolidation of COFCO Packaging Holdings, despite some declines in specific metrics like quarterly net profit and cash flow [1][3]. Financial Performance Summary - Total revenue for the first half of 2025 reached 11.727 billion yuan, a year-on-year increase of 62.74% [1] - Net profit attributable to shareholders was 903 million yuan, up 64.66% year-on-year [1] - In Q2 2025, total revenue was 6.152 billion yuan, reflecting a 68.35% increase year-on-year, while net profit decreased by 11.36% to 239 million yuan [1] - Gross margin was 14.12%, down 20.74% year-on-year, while net margin improved to 7.82%, an increase of 3.95% [1] - Total operating expenses (sales, management, and financial expenses) amounted to 846 million yuan, accounting for 7.21% of revenue, a decrease of 9.45% year-on-year [1] Balance Sheet Highlights - Accounts receivable increased significantly by 73.13% to 6.421 billion yuan [1] - Interest-bearing debt surged by 199.16% to 12.492 billion yuan [1] - Cash and cash equivalents slightly increased by 2.54% to 3.005 billion yuan [1] Cash Flow Analysis - Operating cash flow per share was 0.35 yuan, down 41.27% year-on-year [1] - The net cash flow from operating activities decreased by 41.58%, attributed to increased supplier payment settlements [3] - The net cash flow from investing activities saw a drastic decline of 21,772.34%, due to payments for acquiring COFCO Packaging Holdings [3] Investment Metrics - The company's return on invested capital (ROIC) was 7.53%, indicating average capital returns [4] - The historical median ROIC over the past decade was 8.71%, with the lowest recorded at 4.36% in 2018 [4] - Analysts project a 2025 net profit of 1.36 billion yuan, with an average earnings per share estimate of 0.53 yuan [4] Fund Holdings - The largest fund holding Aorijin shares is Tianhong Gain Return Bond Initiation A, with 3.3908 million shares, showing a reduction in holdings [5] - Other funds have newly entered the top ten holdings, indicating growing interest in Aorijin [5]