鄂尔多斯2025年中报简析：净利润同比下降1.82%，盈利能力上升

Financial Performance - The company reported a total revenue of 11.825 billion yuan for the first half of 2025, a decrease of 11.83% year-on-year [1] - The net profit attributable to shareholders was 989 million yuan, down 1.82% year-on-year [1] - In Q2 2025, total revenue was 6.222 billion yuan, a decline of 7.27% year-on-year, while net profit was 530 million yuan, down 19.79% year-on-year [1] Profitability Metrics - The gross margin increased by 21.08% year-on-year to 22.61%, and the net margin rose by 11.1% to 9.93% [1] - Total selling, administrative, and financial expenses amounted to 1.101 billion yuan, accounting for 9.31% of revenue, an increase of 9.04% year-on-year [1] - Earnings per share decreased by 2.78% to 0.35 yuan, while operating cash flow per share fell by 14.62% to 0.37 yuan [1] Historical Performance - The company's return on invested capital (ROIC) was 6.32% last year, indicating average capital returns [3] - The historical median ROIC over the past decade was 6.55%, with the lowest recorded ROIC of 4.57% in 2015 [3] - The company's business model relies heavily on marketing-driven performance, which requires further investigation into the underlying drivers [3] Fund Holdings - The largest fund holding the company’s shares is the Baodao Hongli Zhihang Stock A, with 1.623 million shares [4] - Other notable funds include the Zhongou Hongli Zhixuan Mixed A and the Jiaoyin Duo Celue Huikui Flexible Allocation Mixed A, which have increased their holdings [4] - The current net asset value of the Baodao fund is 1.1965, with a recent decline of 0.32% [4]