ST华通2025年中报简析：营收净利润同比双双增长，盈利能力上升

Core Insights - ST Huatuo (002602) reported a significant increase in revenue and net profit for the first half of 2025, with total revenue reaching 17.207 billion yuan, up 85.5% year-on-year, and net profit attributable to shareholders at 2.656 billion yuan, up 129.33% [1][2] Financial Performance - Total revenue for Q2 2025 was 9.062 billion yuan, reflecting an 80.73% increase year-on-year [1] - Q2 net profit attributable to shareholders was 1.306 billion yuan, marking a 157.79% increase year-on-year [1] - Gross margin improved to 69.5%, up 8.85% year-on-year, while net margin increased to 15.76%, up 21.13% year-on-year [1] - Total operating expenses (selling, administrative, and financial) amounted to 7.59 billion yuan, accounting for 44.11% of revenue, an increase of 13.51% year-on-year [1] Key Financial Metrics - Earnings per share (EPS) rose to 0.37 yuan, a 131.25% increase year-on-year [1] - Operating cash flow per share increased to 0.53 yuan, up 107.4% year-on-year [1] - Net assets per share reached 3.82 yuan, a 10.22% increase year-on-year [1] Revenue Drivers - The substantial revenue growth was primarily driven by the rapid expansion of the gaming segment, both domestically and internationally [2] - The increase in operating costs was attributed to higher platform fees associated with the surge in gaming revenue [2] Cash Flow Analysis - Net cash flow from operating activities increased by 107.4%, driven by higher revenue and improved operational performance [4] - Cash and cash equivalents saw a net increase of 149.73%, reflecting strong growth in the gaming sector [4] Investment Insights - The company has been attracting attention from prominent fund managers, with significant positions taken in ST Huatuo by several funds, indicating confidence in its growth potential [5][6] - The largest holding fund, E Fund Balanced Growth Stock, has shown a notable increase in value over the past year, suggesting positive market sentiment towards the company [6]