Core Insights - New Hongze (002836) reported a significant increase in both revenue and net profit for the first half of 2025, with total revenue reaching 200 million yuan, a year-on-year increase of 30.9%, and net profit attributable to shareholders at 31.46 million yuan, up 11.41% year-on-year [1] Financial Performance - Total revenue for Q2 2025 was 99.20 million yuan, reflecting a 16.3% year-on-year growth, while net profit for the same quarter was 15.46 million yuan, showing a decline of 12.44% year-on-year [1] - Gross margin decreased to 29.78%, down 9.47% year-on-year, and net margin fell to 15.7%, down 14.89% year-on-year [1] - Total operating expenses (selling, administrative, and financial) amounted to 14.20 million yuan, accounting for 7.08% of revenue, a decrease of 9.9% year-on-year [1] Key Financial Metrics - Earnings per share (EPS) increased to 0.14 yuan, a rise of 12.27% year-on-year, while operating cash flow per share dropped to 0.17 yuan, down 51.32% year-on-year [1] - The company’s return on invested capital (ROIC) was reported at 16.61% for the previous year, indicating strong capital returns [11] - The company’s historical financial performance shows a median ROIC of 14.53%, with a notable low of 2.8% in 2021 [12] Cash Flow and Capital Management - Cash and cash equivalents decreased by 37.25% due to increased cash outflows for dividends and equipment purchases [3] - Net cash flow from operating activities fell by 51.32%, attributed to higher payments for goods and wages [8] - Investment activities saw a drastic decline in net cash flow, down 836.08%, due to increased spending on fixed assets and financial products [9] Fund Holdings - The largest fund holding New Hongze is the Shenwan Lingxin Dividend Quantitative Stock A, which holds 42,300 shares and has recently entered the top ten holdings [13]

Core Insights - Zijin Mining (601899) reported a total revenue of 167.71 billion yuan for the first half of 2025, an increase of 11.5% year-on-year, and a net profit attributable to shareholders of 23.29 billion yuan, up 54.41% year-on-year [1] - In Q2 2025, the company achieved a revenue of 88.78 billion yuan, reflecting a year-on-year growth of 17.38%, and a net profit of 13.13 billion yuan, which is a 48.75% increase year-on-year [1] - The company's profitability improved, with a gross margin of 23.75%, up 24.01% year-on-year, and a net margin of 17.08%, up 39.05% year-on-year [1] Financial Performance - Total expenses for sales, management, and finance amounted to 5.82 billion yuan, accounting for 3.47% of revenue, which is an increase of 1.79% year-on-year [1] - Earnings per share (EPS) reached 0.88 yuan, a 52.79% increase year-on-year, while the net asset per share was 5.29 yuan, up 12.52% year-on-year [1] - Operating cash flow per share was 1.08 yuan, reflecting a year-on-year increase of 41.0% [1] Investment Metrics - The company's return on invested capital (ROIC) for the previous year was 13.63%, indicating strong capital returns, while the net profit margin was 12.97% [2] - Historical data shows a median ROIC of 7.32% over the past decade, with the lowest ROIC recorded in 2016 at 3.03% [2] - Analysts project a net profit of 42.70 billion yuan for 2025, with an average EPS estimate of 1.61 yuan [2] Fund Holdings - The largest fund holding Zijin Mining is the Huaxia SSE 50 ETF, which has increased its holdings to 322.89 million shares [3] - Other funds that have increased their positions include the Huatai-PB CSI 300 ETF and the E Fund CSI 300 Initiation ETF, with holdings of 292.77 million shares and 209.19 million shares, respectively [3] - The current fund manager of the Huaxia SSE 50 ETF, Xu Meng, has a fund size of 65.44 billion yuan, with a recent performance increase of 29.59% over the past year [3]

据证券之星公开数据整理，近期东鹏控股（003012）发布2025年中报。截至本报告期末，公司营业总收 入29.34亿元，同比下降5.18%，归母净利润2.19亿元，同比上升3.85%。按单季度数据看，第二季度营 业总收入19.39亿元，同比下降6.86%，第二季度归母净利润2.49亿元，同比上升12.18%。本报告期东鹏 控股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280.78%。 本次财报公布的各项数据指标表现一般。其中，毛利率30.33%，同比减0.83%，净利率7.45%，同比增 9.95%，销售费用、管理费用、财务费用总计4.45亿元，三费占营收比15.16%，同比减7.01%，每股净资 产6.48元，同比增0.37%，每股经营性现金流0.38元，同比增95.67%，每股收益0.19元，同比增5.56% | 项目 | 2024年中报 | 2025年中报 | 同比增幅 | | --- | --- | --- | --- | | 营业总收入(元) | 30.94亿 | 29.34 Z | -5.18% | | 归母净利润(元) | 2.11亿 | 2.19亿 | 3.85% | | 扣非 ...

财报体检工具显示： 建议关注公司现金流状况（货币资金/流动负债仅为60.66%） 据证券之星公开数据整理，近期视源股份（002841）发布2025年中报。根据财报显示，视源股份增收不 增利。截至本报告期末，公司营业总收入105.65亿元，同比上升4.39%，归母净利润3.98亿元，同比下 降19.66%。按单季度数据看，第二季度营业总收入55.6亿元，同比下降1.16%，第二季度归母净利润 2.36亿元，同比下降25.54%。 本次财报公布的各项数据指标表现一般。其中，毛利率20.52%，同比减7.85%，净利率4.22%，同比减 15.37%，销售费用、管理费用、财务费用总计10.39亿元，三费占营收比9.83%，同比减4.85%，每股净 资产18.18元，同比增3.22%，每股经营性现金流0.03元，同比增108.13%，每股收益0.58元，同比减 18.31% | 项目 | 2024年中报 | 2025年中报 | 同比增幅 | | --- | --- | --- | --- | | 营业总收入(元) | 101.2亿 | 105.65 亿 | 4.39% | | 归母浄利润（元） | 4.95 乙 | ...

据证券之星公开数据整理，近期聚合顺（605166）发布2025年中报。根据财报显示，聚合顺净利润同比 下降27.6%。截至本报告期末，公司营业总收入30.3亿元，同比下降13.87%，归母净利润1.11亿元，同 比下降27.6%。按单季度数据看，第二季度营业总收入14.67亿元，同比下降21.93%，第二季度归母净利 润2983.09万元，同比下降63.87%。 递延所得税资产变动幅度为57.97%,原因:可抵扣暂时性差异增加。 应交税费变动幅度为-66.2%,原因:本期期末应交所得税余额较上年年末减少。 营业收入变动幅度为-13.87%,原因:本期产品单价较上期有所下降。 营业成本变动幅度为-13.1%,原因:本期主要原材料单价较上期有所下降。 本次财报公布的各项数据指标表现不尽如人意。其中，毛利率7.4%，同比减9.98%，净利率4.09%，同 比减21.42%，销售费用、管理费用、财务费用总计224.47万元，三费占营收比0.07%，同比增147.28%， 每股净资产6.1元，同比增10.23%，每股经营性现金流0.36元，同比增95.12%，每股收益0.35元，同比减 27.08% | 项目 | 20 ...

Core Viewpoint - Xinbo Co., Ltd. reported disappointing financial results for the first half of 2025, with significant declines in revenue and net profit compared to the previous year [1]. Financial Performance - Total revenue for the first half of 2025 was 3.996 billion yuan, a decrease of 4.11% year-on-year [1]. - Net profit attributable to shareholders was 36.8877 million yuan, down 75.74% year-on-year [1]. - In Q2 2025, total revenue was 2.014 billion yuan, a decline of 16.04% year-on-year, with net profit of 203.22 thousand yuan, down 98.17% [1]. - Gross margin was 6.5%, a decrease of 22.93% year-on-year, while net margin was 1.01%, down 72.46% [1]. - Total expenses (selling, administrative, and financial) amounted to 135 million yuan, accounting for 3.38% of revenue, an increase of 15.3% year-on-year [1]. Balance Sheet and Cash Flow - Accounts receivable increased to 2.402 billion yuan, up 4.41% year-on-year, with accounts receivable to net profit ratio at 1426.37% [1][4]. - Cash and cash equivalents decreased to 2.184 billion yuan, down 8.94% year-on-year [1]. - The company reported a significant increase in operating cash flow per share to 0.79 yuan, up 132.11% year-on-year [1]. Investment Returns and Business Model - The company's return on invested capital (ROIC) for the previous year was 3.11%, indicating weak capital returns [3]. - Historical data shows a median ROIC of 11.12% since the company went public, suggesting better investment returns in the past [3]. - The business model relies heavily on R&D and capital expenditures, necessitating careful evaluation of capital projects and spending [3]. Debt and Financial Health - The company’s interest-bearing debt increased to 6.528 billion yuan, up 9.24% year-on-year, with a debt-to-asset ratio of 61.32% [4]. - The average operating cash flow over the past three years has been negative, raising concerns about financial sustainability [4]. Market Expectations - Analysts project a net profit of 291 million yuan for 2025, with an average earnings per share estimate of 1.19 yuan [5]. Fund Holdings - The largest fund holding Xinbo Co., Ltd. is the Huaxia Low Carbon Economy Mixed Fund, with 605,000 shares held [6]. - Other funds have increased their positions or newly entered the top ten holdings, indicating some level of investor interest despite recent performance issues [6].

Core Viewpoint - Huaya Intelligent (003043) reported a significant increase in total revenue for the first half of 2025, but a notable decline in net profit, indicating potential challenges in profitability despite revenue growth [1] Financial Performance - Total revenue for the first half of 2025 reached 434 million yuan, a year-on-year increase of 78.57% compared to 243 million yuan in the same period of 2024 [1] - Net profit attributable to shareholders was 26.64 million yuan, down 47.82% from 51.06 million yuan in the previous year [1] - Gross margin decreased to 27.11%, a decline of 20.77% year-on-year, while net margin fell to 7.44%, down 64.72% [1] - The total of financial, sales, and management expenses reached 45.57 million yuan, accounting for 10.51% of total revenue, which is an increase of 107.48% year-on-year [1] Cash Flow and Assets - Cash flow per share was 0.3 yuan, a decrease of 19.95% from 0.37 yuan in the previous year [1] - The company reported a significant increase in accounts receivable, which rose to 370 million yuan, a year-on-year increase of 115.78% [1] - The company's cash assets are considered healthy, indicating a strong liquidity position [3] Investment Returns - The company's return on invested capital (ROIC) for the previous year was 4.19%, which is below the historical median of 17.59% since its listing [2] - The net profit margin for the previous year was 13.32%, suggesting that the company's products or services have high added value despite the lower ROIC [2] Market Position and Fund Holdings - Several funds have recently increased their holdings in Huaya Intelligent, with notable new entries in the top ten holdings of various funds [5] - The largest fund holding Huaya Intelligent is Huaxia Panli One-Year Open Mixed A, with a scale of 334 million yuan and a recent net value of 1.8736 [5]

Core Insights - Fosda (603173) reported a significant increase in revenue and profit for the first half of 2025, with total revenue reaching 1.476 billion yuan, up 62.14% year-on-year, and net profit attributable to shareholders at 251 million yuan, up 140.45% [1] Financial Performance - The second quarter revenue was 881 million yuan, reflecting a year-on-year increase of 57.81%, while net profit for the same period was 135 million yuan, up 249.1% [1] - The gross margin improved by 24.07% year-on-year to 27.23%, and the net margin increased by 48.29% to 17.02% [1] - Total expenses (selling, administrative, and financial) amounted to 19.88 million yuan, representing only 1.35% of revenue, a decrease of 69.38% year-on-year [1] - Earnings per share rose to 1.59 yuan, an increase of 144.62% year-on-year, while operating cash flow per share surged to 3.97 yuan, up 855.38% [1] Changes in Financial Items - Trading financial assets increased by 320.17% due to more structured deposit products being purchased [2] - Accounts receivable decreased by 33.39% due to a reduction in non-high credit rating bank acceptance bills [2] - Construction in progress rose by 59.04% due to the ongoing development of a new manufacturing center [2] - Deferred income surged by 445.84% as a result of increased government subsidies related to assets [2] Cost and Expense Analysis - Operating costs increased by 51.17% in line with revenue growth [3] - Management expenses rose by 34.74% due to increased personnel and related costs [3] - Financial expenses saw a dramatic decrease of 919.66% due to higher interest income and exchange gains [3] Cash Flow and Debt Management - Net cash flow from operating activities increased by 855.38% due to higher sales and corresponding cash receipts [3] - The company maintains a healthy cash position, with cash assets being robust [5] - The cash flow ratio (cash assets/liabilities) stands at 63.49%, indicating a need for monitoring [6] Investment and Market Position - The company's return on invested capital (ROIC) was 15.65%, with a historical median of 20.3% since its listing [4] - Analysts project a net profit of 408 million yuan for 2025, with an average earnings per share estimate of 2.54 yuan [6] Fund Holdings - Notable funds holding Fosda shares include Guojin Self-Innovation Mixed A and Southern Strategy Optimization Mixed, indicating strong institutional interest [7]

商业模式：公司业绩主要依靠营销驱动。需要仔细研究这类驱动力背后的实际情况。 财报体检工具显示： 建议关注公司现金流状况（货币资金/流动负债仅为35.26%） 据证券之星公开数据整理，近期京新药业（002020）发布2025年中报。根据财报显示，京新药业净利润 同比下降3.54%。截至本报告期末，公司营业总收入20.17亿元，同比下降6.2%，归母净利润3.88亿元， 同比下降3.54%。按单季度数据看，第二季度营业总收入10.6亿元，同比下降2.64%，第二季度归母净利 润2.25亿元，同比下降2.74%。 本次财报公布的各项数据指标表现一般。其中，毛利率49.57%，同比减3.89%，净利率19.45%，同比增 3.02%，销售费用、管理费用、财务费用总计3.75亿元，三费占营收比18.61%，同比减15.74%，每股净 资产6.35元，同比减3.41%，每股经营性现金流0.46元，同比减17.48%，每股收益0.46元，同比减2.13% | 项目 | 2024年中报 | 2025年中报 | 同比增幅 | | --- | --- | --- | --- | | 营业总收入(元) | 21.5亿 | 20.1 ...

Core Viewpoint - China National Freight Forwarding (中国外运) reported a decline in total revenue for the first half of 2025, while net profit showed a slight increase, indicating mixed financial performance amidst challenging market conditions [1]. Financial Performance - Total revenue for the first half of 2025 was 50.523 billion yuan, a decrease of 10.42% year-on-year [1]. - Net profit attributable to shareholders was 1.947 billion yuan, reflecting a marginal increase of 0.08% year-on-year [1]. - In Q2 2025, total revenue was 26.751 billion yuan, down 16.66% year-on-year, while net profit for the quarter was 1.302 billion yuan, up 14.05% year-on-year [1]. Profitability Metrics - Gross margin improved to 6.14%, an increase of 19.13% year-on-year [1]. - Net margin rose to 4.21%, reflecting a year-on-year increase of 13.80% [1]. - The total of selling, administrative, and financial expenses was 2.06 billion yuan, accounting for 4.08% of revenue, which is an increase of 8.65% year-on-year [1]. Cash Flow and Assets - Cash flow per share was 0.02 yuan, a significant increase of 110.17% year-on-year [1]. - The company reported a total of 111.78 billion yuan in cash and cash equivalents, up 31.68% year-on-year [1]. - Accounts receivable decreased to 15.53 billion yuan, down 9.83% year-on-year [1]. Debt and Equity - Interest-bearing debt increased to 10 billion yuan, a rise of 23.67% year-on-year [1]. - Book value per share was 5.51 yuan, reflecting a year-on-year increase of 4.10% [1]. - Earnings per share remained stable at 0.27 yuan, with a slight increase of 0.97% year-on-year [1]. Investment Insights - The company's return on invested capital (ROIC) was 8.34%, indicating average capital returns [3]. - The estimated dividend yield is 4.59% [3]. - Analysts expect the company's performance in 2025 to reach 3.997 billion yuan, with an average earnings per share forecast of 0.55 yuan [3].