证券之星价投圈财报分析工具显示：业务评价：去年的净利率为-47.63%，算上全部成本后，公司产品 或服务的附加值不高。从历史年报数据统计来看，公司近10年来中位数ROIC为-7.94%，中位投资回报 极差，其中最惨年份2018年的ROIC为-48.58%，投资回报极差。公司历史上的财报非常一般，公司上市 来已有年报32份，亏损年份6次，如无借壳上市等因素，价投一般不看这类公司。 据证券之星公开数据整理，近期奥瑞德(600666)发布2025年中报。截至本报告期末，公司营业总收入 2.19亿元，同比上升10.12%，归母净利润6139.38万元，同比上升1263.22%。按单季度数据看，第二季 度营业总收入1.21亿元，同比上升8.08%，第二季度归母净利润6972.59万元，同比上升547.1%。本报告 期奥瑞德公司应收账款体量较大，当期应收账款占最新年报营业总收入比达62.18%。 本次财报公布的各项数据指标表现尚佳。其中，毛利率9.61%，同比减42.1%，净利率26.92%，同比增 884.27%，销售费用、管理费用、财务费用总计4081.71万元，三费占营收比18.61%，同比减27.08%，每 股净 ...

Core Viewpoint - Tianqiao Hoisting (002523) reported strong financial performance for the first half of 2025, with significant increases in revenue and net profit compared to the previous year [1] Financial Performance Summary - Total revenue for the first half of 2025 reached 795 million yuan, a year-on-year increase of 15.42% [1] - Net profit attributable to shareholders was 43.91 million yuan, up 71.68% year-on-year [1] - In Q2 2025, total revenue was 502 million yuan, reflecting an 8.49% increase year-on-year [1] - Q2 net profit attributable to shareholders was 21.11 million yuan, a 2.62% increase year-on-year [1] Key Financial Metrics - Gross margin was 22.86%, down 10.74% year-on-year [1] - Net margin improved to 4.85%, a 69.55% increase year-on-year [1] - Total operating expenses (selling, administrative, and financial) amounted to 112 million yuan, accounting for 14.03% of revenue, down 20.15% year-on-year [1] - Earnings per share (EPS) increased to 0.03 yuan, a 72.22% rise year-on-year [1] - Cash flow per share was -0.1 yuan, a decrease of 176.9% year-on-year [1] Balance Sheet Insights - Accounts receivable stood at 1.171 billion yuan, a slight decrease of 1.62% year-on-year [1] - Interest-bearing debt decreased significantly by 50.45% to 115 million yuan [1] - Cash and cash equivalents increased by 4.80% to 685 million yuan [1] Operational Insights - The company's return on invested capital (ROIC) was 0.91%, indicating weak capital returns [1] - Historical data shows a median ROIC of 3.04% over the past decade, suggesting generally weak investment returns [1] - The business model relies heavily on research and marketing efforts, necessitating further investigation into these drivers [1]

据证券之星公开数据整理，近期瑞贝卡(600439)发布2025年中报。截至本报告期末，公司营业总收入 5.98亿元，同比上升4.2%，归母净利润937.59万元，同比上升15.31%。按单季度数据看，第二季度营业 总收入2.93亿元，同比下降2.26%，第二季度归母净利润301.53万元，同比上升8.96%。本报告期瑞贝卡 盈利能力上升，毛利率同比增幅15.57%，净利率同比增幅12.39%。 本次财报公布的各项数据指标表现尚佳。其中，毛利率38.09%，同比增15.57%，净利率1.56%，同比增 12.39%，销售费用、管理费用、财务费用总计1.92亿元，三费占营收比32.16%，同比增19.77%，每股净 资产2.32元，同比减3.64%，每股经营性现金流0.11元，同比减26.76%，每股收益0.01元，同比增15.28% | 项目 | 2024年中报 | 2025年中报 | 同比增幅 | | --- | --- | --- | --- | | 营业总收入(元) | 5.74亿 | 5.98 G | 4.20% | | 归母净利润(元) | 813.11万 | 937.59万 | 15.31% | | ...

本次财报公布的各项数据指标表现尚佳。其中，毛利率13.13%，同比减68.31%，净利率-3.5%，同比增 90.15%，销售费用、管理费用、财务费用总计5790.5万元，三费占营收比18.24%，同比减72.58%，每股 净资产0.43元，同比减0.37%，每股经营性现金流0.03元，同比增428.14%，每股收益-0.01元，同比增 54.22% 证券之星价投圈财报分析工具显示：业务评价：去年的净利率为-12.35%，算上全部成本后，公司产品 或服务的附加值不高。从历史年报数据统计来看，公司近10年来中位数ROIC为-9.33%，中位投资回报 极差，其中最惨年份2019年的ROIC为-742.97%，投资回报极差。公司历史上的财报非常一般，公司上 市来已有年报14份，亏损年份6次，如无借壳上市等因素，价投一般不看这类公司。 | 项目 | 2024年中报 | 2025年中报 | 同比增幅 | | --- | --- | --- | --- | | 营业总收入(元) | 6679.39万 | 3.17亿 | 375.31% | | 归母净利润(元) | -2170.7万 | -1000.04万 | 53.93 ...

Core Viewpoint - The financial performance of Nuohua Zhiyuan (688315) for the first half of 2025 shows modest growth in revenue and net profit, but a decline in key profitability metrics, indicating potential challenges ahead [1][2]. Financial Performance Summary - Total revenue for the first half of 2025 reached 1.04 billion yuan, a year-on-year increase of 4.36% compared to 2024 [1]. - Net profit attributable to shareholders was 78.73 million yuan, up 1.03% year-on-year [1]. - In Q2 2025, total revenue was 538 million yuan, reflecting a 1.87% increase year-on-year, while net profit decreased by 11.38% to 44.85 million yuan [1]. - The gross margin was 40.8%, down 2.19% year-on-year, and the net margin was 7.84%, down 4.95% year-on-year [1]. - The company reported a significant accounts receivable level, with accounts receivable amounting to 349.15% of the latest annual net profit [4]. Cost and Expense Analysis - Total sales, management, and financial expenses amounted to 268 million yuan, accounting for 25.81% of revenue, a decrease of 4.88% year-on-year [1]. - Sales expenses increased by 6.53% due to higher marketing investments [3]. - Management expenses decreased by 10.08% due to reduced personnel costs [3]. - Financial expenses saw a significant decline of 81.22%, attributed to favorable foreign exchange movements [3]. Asset and Liability Changes - Cash and cash equivalents increased by 46.29% to 470 million yuan [1]. - Accounts receivable decreased by 3.66% to 687 million yuan [1]. - The company’s interest-bearing debt rose by 8.37% to 29.26 million yuan [1]. - Inventory levels increased by 55.3% due to strategic stockpiling of raw materials in response to external market conditions [2]. Investment and Cash Flow - Operating cash flow per share was -0.41 yuan, a decline of 107.14% year-on-year, indicating increased cash outflows for raw material purchases [1][3]. - Investment cash flow increased by 284.33% due to higher redemptions of financial assets [3]. - Financing cash flow rose by 81.93%, influenced by stock buybacks in the previous year [3]. Market Position and Future Outlook - The company’s return on invested capital (ROIC) was 7.85%, indicating average capital returns [3]. - Analysts project a net profit of 221 million yuan for 2025, with an average earnings per share of 0.53 yuan [4]. - The business model relies heavily on marketing-driven performance, necessitating close monitoring of accounts receivable [4].

Core Viewpoint - The financial performance of Shunhao Co., Ltd. (002565) shows a decline in revenue but an increase in net profit, indicating improved profitability despite lower sales [1][3]. Financial Performance Summary - Total revenue for the first half of 2025 was 620 million yuan, a decrease of 12.19% compared to 706 million yuan in 2024 [1]. - Net profit attributable to shareholders reached 33.30 million yuan, an increase of 23.11% from 27.05 million yuan in the previous year [1]. - The gross profit margin improved to 27.39%, up 9.64% year-on-year, while the net profit margin increased to 6.90%, reflecting a 16.27% rise [1]. - Total expenses (selling, administrative, and financial) amounted to 90.80 million yuan, accounting for 14.66% of revenue, which is a 10.03% increase year-on-year [1]. Key Financial Metrics - Earnings per share remained at 0.03 yuan, with a year-on-year increase of 23.14% [1]. - Operating cash flow per share was 0.09 yuan, reflecting a 4.85% increase compared to the previous year [1]. - The company's net assets per share decreased to 1.69 yuan, down 5.35% year-on-year [1]. Changes in Financial Items - Contract liabilities decreased by 1.29% due to an increase in prepayments based on contractual obligations [3]. - Trade financial assets increased by 152.65% as the financial products had not yet matured for redemption [3]. - Accounts receivable decreased by 31.74% to 219 million yuan, indicating improved collection efficiency [1][3]. - The company experienced a 368.02% increase in prepayments, attributed to increased rental pre-sales [3]. Business Evaluation - The company's return on invested capital (ROIC) was 3.15%, indicating weak capital returns historically, with a median ROIC of 2.44% over the past decade [4]. - The net profit margin for the previous year was 4.87%, suggesting low added value in products or services [4]. - The company has experienced four years of losses since its listing, indicating potential concerns for value investors [4]. Cash Flow and Debt Management - The net cash flow from operating activities increased by 4.85%, attributed to higher cash receipts related to operations [3]. - The net cash flow from investing activities rose by 41.26%, due to increased cash received from investment recoveries [3]. - The net increase in cash and cash equivalents decreased by 17.64%, primarily due to dividend distributions [3].

据证券之星公开数据整理，近期冰山冷热（000530）发布2025年中报。截至本报告期末，公司营业总收 入24.01亿元，同比下降2.52%，归母净利润7954.11万元，同比上升1.29%。按单季度数据看，第二季度 营业总收入12.38亿元，同比下降5.0%，第二季度归母净利润4943.13万元，同比上升0.33%。本报告期 冰山冷热公司应收账款体量较大，当期应收账款占最新年报归母净利润比达1582.39%。 本次财报公布的各项数据指标表现一般。其中，毛利率16.33%，同比减0.8%，净利率3.44%，同比增 6.83%，销售费用、管理费用、财务费用总计2.35亿元，三费占营收比9.78%，同比减1.25%，每股净资 产3.76元，同比增2.24%，每股经营性现金流-0.0元，同比增96.83%，每股收益0.09元 | 项目 | 2024年中报 | 2025年中报 | 同比增幅 | | --- | --- | --- | --- | | 营业总收入(元) | 24.63亿 | 24.01亿 | -2.52% | | 归母净利润(元) | 7853万 | 7954.11万 | 1.29% | | 扣非净利润( ...

Core Viewpoint - Yongjie New Materials (603271) reported a strong performance in its 2025 mid-year financial results, with significant increases in revenue and net profit, although some profitability margins showed a decline [1]. Financial Performance - Total revenue reached 4.427 billion yuan, an increase of 18.61% year-on-year [1]. - Net profit attributable to shareholders was 186 million yuan, up 13.62% year-on-year [1]. - In Q2 alone, total revenue was 2.446 billion yuan, reflecting an 18.53% increase year-on-year, while net profit for the quarter was 110 million yuan, up 13.53% [1]. - Gross margin was 8.8%, down 4.68% year-on-year, and net margin was 4.2%, down 4.21% year-on-year [1]. - Total expenses (selling, administrative, and financial) amounted to 43.54 million yuan, accounting for 0.98% of revenue, a decrease of 22.57% year-on-year [1]. - Earnings per share (EPS) was 1.08 yuan, a decrease of 2.7% year-on-year, while operating cash flow per share surged to 2.06 yuan, an increase of 435.16% [1]. Balance Sheet Changes - Cash and cash equivalents increased by 104.35% to 944 million yuan, primarily due to funds raised from the company's IPO [3]. - Accounts receivable rose by 67.38% to 1.045 billion yuan, attributed to increased sales [3]. - Short-term borrowings decreased by 90.65% to 120 million yuan, as the company repaid loans using raised funds [4]. - Long-term borrowings decreased by 55.67%, also due to the reclassification and repayment of loans [4]. Operational Insights - The increase in revenue was driven by expanded sales volume, with operating costs rising by 19.17% due to the same reason [4]. - Research and development expenses increased by 8.88%, indicating a focus on innovation [4]. - The company's return on invested capital (ROIC) was 15.49%, reflecting strong capital returns, although the net profit margin was relatively low at 3.94% [5]. Cash Flow and Debt Management - The net cash flow from operating activities increased significantly by 613.64%, driven by a higher proportion of payments made via bills [4]. - The company maintains a healthy cash position, with cash assets being robust [6]. Business Model and Strategy - The company's performance is primarily driven by research and development, necessitating a thorough examination of the underlying factors supporting this growth [7]. - Attention is recommended on cash flow status, with cash assets covering 72.91% of current liabilities, and accounts receivable reaching 327.23% of profit [8].

据证券之星公开数据整理，近期保立佳(301037)发布2025年中报。截至本报告期末，公司营业总收入 9.26亿元，同比下降17.23%，归母净利润858.64万元，同比上升136.26%。按单季度数据看，第二季度 营业总收入5.01亿元，同比下降21.15%，第二季度归母净利润1893.37万元，同比上升459.56%。本报告 期保立佳短期债务压力上升，流动比率达0.8。 最近有知名机构关注了公司以下问题： 问：公司于2025年5月15日(星期四)00-30在上海证券交易所上证路演中心(https://roadshow.sseinfo.com/) 参加2025年上海辖区上市公司年报集体业绩说明会，本次年报业绩说明会采用网络互动的方式举行。业 绩说明会答环节内容如下： 答：公司于2025年5月15日(星期四)1500-1630在上海证券交易所上证路演中心 (https//roadshow.sseinfo.com/)参加2025年上海辖区上市公司年报集体业绩说明会，本次年报业绩说明会 采用网络互动的方式举行。业绩说明会问环节内容如下 | 项目 | 2024年中报 | 2025年中报 | 同比增幅 | | --- ...

本次财报公布的各项数据指标表现一般。其中，毛利率17.13%，同比减8.06%，净利率7.02%，同比增 1.35%，销售费用、管理费用、财务费用总计2046.01万元，三费占营收比3.82%，同比减28.5%，每股净 资产4.27元，同比减1.09%，每股经营性现金流-0.17元，同比减352.95%，每股收益0.13元，同比增 5.89% | 项目 | 2024年中报 | 2025年中报 | 同比增幅 | | --- | --- | --- | --- | | 营业总收入(元) | 5.12亿 | 5.35 | 4.53% | | 归母浄利润（元） | 3545.29万 | 3755.78万 | 5.94% | | 扣非净利润(元) | 3456.71万 | 3408.79万 | -1.39% | | 货币资金(元) | 8367.11万 | 1.59 Z | 89.69% | | 应收账款(元) | 3.79亿 | 3.83亿 | 1.07% | | 有息负债(元) | 1.9亿 | 3.63亿 | 90.88% | | 毛利率 | 18.63% | 17.13% | -8.06% | | 净利率 | ...