中金 | 中报业绩总结：业绩稳健，结构亮点突出

Core Viewpoint - A-share companies' profitability showed a modest increase in the first half of 2025, with a year-on-year growth of 2.8%, while non-financial profits grew by only 1.5% [1][5][20]. Financial Performance - In the first half of 2025, the net profit attributable to shareholders for the entire A-share market, financial sector, and non-financial sector grew by 2.8%, 4.2%, and 1.5% respectively [1][5]. - Non-financial operating revenue experienced a slight decline of 0.4% year-on-year [1]. - In Q2 2025, the net profit growth rates for the entire A-share market, financial sector, and non-financial sector were 1.6%, 5.7%, and -1.6% respectively, indicating a negative growth for non-financial profits [1][19]. Sector Analysis - The real estate and export sectors saw a slowdown in growth compared to Q1, with PPI's year-on-year decline further widening, impacting non-financial revenue growth and profit margins [1]. - The financial sector remained active in Q2, with the securities and insurance industries experiencing a profit growth of 16.6%, driven by a 49.2% increase in securities profits and a 5.9% increase in insurance profits [1][19]. - The main board, ChiNext, and Sci-Tech Innovation Board saw year-on-year profit changes of -2.7%, +4.1%, and +24.5% respectively in Q2 [1][19]. Economic Segmentation - The new economy's profitability improved by 6.8% year-on-year in Q2, while the old economy turned negative with a decline of 8.3% [1][19]. - Profit growth in upstream, midstream, and downstream sectors was -16.3%, +3.7%, and +1.7% respectively, with upstream performance weakened by the widening PPI decline [1][19]. Industry Highlights - The TMT sector, non-ferrous metals, and certain midstream areas performed well, with specific growth characteristics including: - Energy and raw materials sector profits increased by 12.7%, 77.5%, and 40.5% for industrial metals, precious metals, and rare metals respectively [18]. - The midstream manufacturing sector, particularly in power equipment and new energy, saw a profit increase of 26.8% [18]. - The consumer sector's profitability was supported by price and cost reductions, with agriculture, forestry, animal husbandry, and fishery profits up by 20.4% [18]. Profit Distribution - The profitability of energy raw materials as a percentage of total profits decreased from nearly 40% in 2022 to 30.8% in Q2 2025 [1][14]. Performance Quality - Non-financial ROE remained stable, with upstream sectors experiencing a decline while midstream sectors stabilized [24][25]. - A-share companies' cash flow statements showed improvement, with operating cash flow reaching the highest level since 2010 [31][34]. - Capital expenditure growth improved, with new economy sectors showing positive growth for the first time since Q2 2024 [39][41].