据证券之星公开数据整理，近期联创电子(002036)发布2025年中报。截至本报告期末，公司营业总收入 42.2亿元，同比下降14.49%，归母净利润2409.39万元，同比上升137.07%。按单季度数据看，第二季度 营业总收入20.44亿元，同比下降17.26%，第二季度归母净利润2083.13万元，同比上升424.76%。本报 告期联创电子三费占比上升明显，财务费用、销售费用和管理费用总和占总营收同比增幅达31.47%。 财务报表中对有大幅变动的财务项目的原因说明如下： 本次财报公布的各项数据指标表现一般。其中，毛利率13.98%，同比增61.19%，净利率0.2%，同比增 110.57%，销售费用、管理费用、财务费用总计4.52亿元，三费占营收比10.72%，同比增31.47%，每股 净资产2.03元，同比减18.69%，每股经营性现金流0.0元，同比增30.75%，每股收益0.02元，同比增 137.34% | 项目 | 2024年中报 | 2025年中报 | 同比增幅 | | --- | --- | --- | --- | | 营业总收入(元) | 49.36 Z | 42.2亿 | -14.49 ...

据证券之星公开数据整理，近期维科精密（301499）发布2025年中报。截至本报告期末，公司营业总收 入4.47亿元，同比上升12.58%，归母净利润2288.98万元，同比上升9.15%。按单季度数据看，第二季度 营业总收入2.2亿元，同比上升10.36%，第二季度归母净利润1088.17万元，同比下降2.48%。本报告期 维科精密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570.76%。 本次财报公布的各项数据指标表现尚佳。其中，毛利率18.24%，同比减9.97%，净利率5.12%，同比减 3.05%，销售费用、管理费用、财务费用总计3597.11万元，三费占营收比8.05%，同比减12.96%，每股 净资产9.22元，同比增2.65%，每股经营性现金流0.56元，同比增120.21%，每股收益0.17元，同比增 13.33% | 项目 | 2024年中报 | 2025年中报 | 同比增幅 | | --- | --- | --- | --- | | 营业总收入(元) | 3.97 亿 | 4.471Z | 12.58% | | 归母浄利润（元） | 2097.13万 | 2288.98万 ...

Core Insights - The company reported a total revenue of 533 million yuan for the first half of 2025, representing a year-on-year increase of 28.95% [1] - The net profit attributable to shareholders reached 30.87 million yuan, up 17.52% year-on-year [1] Financial Performance - Total revenue for Q2 2025 was 277 million yuan, showing a year-on-year growth of 22.29% [1] - Q2 net profit attributable to shareholders was 13.80 million yuan, a slight increase of 0.16% year-on-year [1] - The gross margin improved to 15.7%, an increase of 6.82% year-on-year, while the net margin decreased to 5.79%, down 10.24% year-on-year [1] - Total expenses (selling, administrative, and financial) amounted to 29.53 million yuan, accounting for 5.54% of revenue, which is a 32.54% increase year-on-year [1] Balance Sheet and Cash Flow - Accounts receivable rose significantly, with a year-on-year increase of 33.38%, reaching 368 million yuan [1] - Cash and cash equivalents decreased by 15.74% to 248 million yuan [1] - The company reported a negative operating cash flow per share of -0.08 yuan, although this represents a 94.76% improvement year-on-year [1] Return on Investment and Debt Analysis - The company's return on invested capital (ROIC) for the previous year was 6.51%, indicating average capital returns [3] - The historical median ROIC since the company went public is 22.75%, suggesting better investment returns in the past [3] - The debt situation shows that the interest-bearing debt ratio has reached 32.64%, and the total interest-bearing debt to average operating cash flow ratio is 54.54% [3]

Core Insights - The company, Yilian Technology, reported a total revenue of 2.066 billion yuan for the first half of 2025, representing a year-on-year increase of 22.12% [1] - The net profit attributable to shareholders reached 137 million yuan, up 18.49% year-on-year [1] - The company has a significant accounts receivable issue, with accounts receivable amounting to 440.72% of the net profit [1] Financial Performance - Total revenue for 2025 H1: 2.066 billion yuan, up from 1.692 billion yuan in 2024 H1 [1] - Net profit for 2025 H1: 137 million yuan, compared to 115 million yuan in 2024 H1 [1] - Gross margin for 2025 H1: 16.4%, an increase of 1.43% year-on-year [1] - Net margin for 2025 H1: 6.5%, a decrease of 4.52% year-on-year [1] - Total expenses (selling, administrative, and financial) amounted to 97.6962 million yuan, accounting for 4.73% of revenue, up 9.2% year-on-year [1] Cash Flow Analysis - Net cash flow from operating activities increased by 87.95%, attributed to higher sales and increased cash receipts from sales [4] - Net cash flow from investing activities decreased significantly by 985.17%, due to increased financial investments [5] - Net cash flow from financing activities decreased by 562.55%, primarily due to increased debt repayment [6] - The net increase in cash and cash equivalents dropped by 848.4%, influenced by both financial investments and debt repayments [7] Cost Structure - Sales expenses increased by 33.15%, driven by expanded sales scale and higher employee compensation and storage costs [3] - Management expenses rose by 38.25%, due to the need for additional management personnel and new industrial park construction [3] - Income tax expenses increased by 38.42%, reflecting higher profits [3] Investment Returns - The company's return on invested capital (ROIC) for the previous year was 11.82%, indicating average capital returns [8] - Historical data shows a median ROIC of 25.02% since the company went public, suggesting good investment returns [8]

据证券之星公开数据整理，近期可孚医疗（301087）发布2025年中报。截至本报告期末，公司营业总收 入14.96亿元，同比下降4.03%，归母净利润1.67亿元，同比下降9.51%。按单季度数据看，第二季度营 业总收入7.58亿元，同比上升0.87%，第二季度归母净利润7596.24万元，同比下降9.3%。本报告期可孚 医疗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127.09%。 投资性房地产变动幅度为185.88%,原因:本期合并喜曼拿。 合同负债变动幅度为92.18%,原因:本期末预收客户销售货款增加。 长期借款变动幅度为-100.0%,原因:本期偿还银行借款。 管理费用变动幅度为31.36%,原因:本期合并上海华舟、公司管理咨询费用增加等。 财务费用变动幅度为75.97%,原因:报告期银行定期存款结构变化及利息率下降。 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52.49%，同比增3.58%，净利率11.14%， 同比减5.99%，销售费用、管理费用、财务费用总计5.57亿元，三费占营收比37.27%，同比增12.81%， 每股净资产22.66元，同比减1.28%，每股经 ...

Core Viewpoint - Lanwei Medical (301060) 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 Summary - Total revenue for the first half of 2025 was 759 million yuan, a decrease of 14.5% year-on-year [1]. - The net profit attributable to shareholders was -5.78 million yuan, representing a decline of 137.08% compared to the previous year [1]. - In Q2 2025, total revenue was 409 million yuan, down 9.58% year-on-year, while net profit attributable to shareholders was 2.30 million yuan, a decrease of 84.18% [1]. - The gross profit margin was 22.55%, down 0.93% year-on-year, and the net profit margin was -0.50%, a decline of 144.14% [1]. - Total operating expenses (selling, administrative, and financial expenses) amounted to 122 million yuan, accounting for 16.11% of revenue, an increase of 4.06% year-on-year [1]. - Earnings per share were -0.01 yuan, a decrease of 125.0% year-on-year [1]. Accounts Receivable and Cash Flow - Accounts receivable represented 46.88% of total revenue, indicating a significant amount of outstanding payments [1]. - Operating cash flow per share was 0.09 yuan, an increase of 177.35% year-on-year, reflecting improved cash generation from operations [1]. Significant Changes in Financial Items - Construction in progress increased by 296.07% due to ongoing office renovations [3]. - Short-term borrowings decreased by 36.89% as the company repaid bank loans [3]. - Lease liabilities decreased by 39.58% due to payments made under lease contracts [3]. - Other receivables decreased by 46.27% as the company received payments for equity transfers [3]. - Deferred tax assets decreased significantly, leading to a 586.76% increase in income tax expenses [6]. Investment Returns and Business Evaluation - The company's historical median Return on Invested Capital (ROIC) is 12.25%, but the worst year recorded a ROIC of -6.58%, indicating a weak business model [8]. - The company has reported losses in two out of three annual reports since its listing, suggesting vulnerability in its business operations [8].

Core Viewpoint - The financial performance of Guokai Military Industry (688543) for the first half of 2025 shows a decline in revenue and net profit compared to the previous year, but an improvement in profitability metrics such as gross margin and net margin [1]. Financial Performance Summary - Total revenue for the first half of 2025 was 417 million yuan, a decrease of 13.37% year-on-year [1]. - Net profit attributable to shareholders was 77.11 million yuan, down 3.18% year-on-year [1]. - In Q2 2025, total revenue was 293 million yuan, a decline of 1.86% year-on-year, while net profit increased by 3.72% to 48.42 million yuan [1]. - Gross margin improved to 38.41%, an increase of 6.23% year-on-year, and net margin rose to 18.52%, up 7.4% year-on-year [1]. - Total operating expenses (selling, administrative, and financial expenses) amounted to 40.75 million yuan, accounting for 9.76% of revenue, which is a 50.73% increase year-on-year [1]. - Earnings per share decreased by 2.63% to 0.37 yuan, while operating cash flow per share increased significantly by 120.77% to 0.36 yuan [1]. Balance Sheet Changes - Cash and cash equivalents decreased by 10.86% to 1.066 billion yuan [1]. - Accounts receivable increased by 17.27% to 456 million yuan [1]. - Interest-bearing debt decreased significantly by 49.18% to 40.79 million yuan [1]. - The net asset value per share decreased by 13.65% to 10.63 yuan [1]. Cash Flow Analysis - Net cash flow from operating activities increased by 124.69%, attributed to the recovery of accounts receivable and receipt of project payments [11]. - Net cash flow from investing activities decreased by 47.19%, due to increased purchases of cash management products [11]. Market Position and Outlook - The company's return on invested capital (ROIC) was 7.92%, indicating average capital returns, with a historical median ROIC of 11.21% since its listing [11]. - Analysts expect the company's performance in 2025 to reach 248 million yuan, with an average earnings per share forecast of 1.19 yuan [13]. Fund Holdings - The largest fund holding Guokai Military Industry is the Fortune Military Theme Mixed A Fund, with a scale of 3.354 billion yuan and a recent net value of 1.6239 [14].

Group 1 - The core viewpoint of the article highlights the financial performance of Far East Transmission (002406) for the first half of 2025, showing a revenue increase and a slight rise in net profit compared to the previous year [1] - The total operating revenue for the first half of 2025 reached 718 million yuan, representing a year-on-year increase of 10.65% [1] - The net profit attributable to shareholders for the same period was 54.7 million yuan, reflecting a year-on-year increase of 2.93% [1] Group 2 - In Q2 2025, the operating revenue was 381 million yuan, which is a 14.16% increase year-on-year, while the net profit for the quarter was 26.3 million yuan, showing a decline of 5.09% [1] - The gross profit margin improved to 24.76%, an increase of 8.57% year-on-year, while the net profit margin decreased to 7.93%, down by 2.83% [1] - The total of selling, administrative, and financial expenses was 50.06 million yuan, accounting for 6.97% of revenue, which is a decrease of 7.93% year-on-year [1] Group 3 - The accounts receivable at the end of the reporting period amounted to 510 million yuan, which is 431.2% of the net profit, indicating a significant level of receivables relative to profit [1][4] - The cash and cash equivalents saw a net increase of 509.39%, attributed to the maturity of financial products [2] - The company reported a significant increase in tax and additional charges by 31.42%, due to increased value-added tax and land use tax rates [2]

据证券之星公开数据整理，近期智能自控（002877）发布2025年中报。截至本报告期末，公司营业总收 入5.03亿元，同比下降7.83%，归母净利润2038.24万元，同比下降41.01%。按单季度数据看，第二季度 营业总收入3.19亿元，同比下降1.6%，第二季度归母净利润1496.25万元，同比下降26.52%。本报告期 智能自控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2732.03%。 应收款项变动幅度为19.6%,原因:回款同比减少。 固定资产变动幅度为-3.71%,原因:资产计提折旧。 短期借款变动幅度为41.78%,原因:流动资金需求增加。 所得税费用变动幅度为-45.59%,原因:报告期利润总额下降。 研发投入变动幅度为29.28%,原因:开发新项目。 财务报表中对有大幅变动的财务项目的原因说明如下： 货币资金变动幅度为164.87%,原因:阶段性流动资金需求增加。 本次财报公布的各项数据指标表现一般。其中，毛利率29.97%，同比增5.21%，净利率4.05%，同比减 35.99%，销售费用、管理费用、财务费用总计9132.4万元，三费占营收比18.16%，同比增10.59% ...

本次财报公布的各项数据指标表现一般。其中，毛利率19.01%，同比增7.9%，净利率2.31%，同比减 53.62%，销售费用、管理费用、财务费用总计1.4亿元，三费占营收比8.64%，同比增46.66%，每股净资 产6.11元，同比减8.47%，每股经营性现金流0.18元，同比减50.99%，每股收益0.05元，同比减61.54% 据证券之星公开数据整理，近期万盛股份（603010）发布2025年中报。截至本报告期末，公司营业总收 入16.23亿元，同比上升17.07%，归母净利润2632.33万元，同比下降65.02%。按单季度数据看，第二季 度营业总收入8.47亿元，同比上升18.05%，第二季度归母净利润1668.72万元，同比下降43.72%。本报 告期万盛股份应收账款上升，应收账款同比增幅达38.82%。 | 项目 | 2024年中报 | 2025年中报 | 同比增幅 | | --- | --- | --- | --- | | 营业总收入(元) | 13.86 Z | 16.23 亿 | 17.07% | | 归母净利润(元) | 7525.84万 | 2632.33万 | -65.02% | | ...