据证券之星公开数据整理，近期黑牡丹（600510）发布2025年中报。根据财报显示，黑牡丹营收净利润 同比双双增长。截至本报告期末，公司营业总收入15.84亿元，同比上升27.85%，归母净利润5667.38万 元，同比上升2.6%。按单季度数据看，第二季度营业总收入9.69亿元，同比上升24.48%，第二季度归母 净利润1834.91万元，同比上升851.82%。 本次财报公布的各项数据指标表现尚佳。其中，毛利率20.63%，同比减20.43%，净利率4.49%，同比增 25.79%，销售费用、管理费用、财务费用总计9927.93万元，三费占营收比6.27%，同比减24.14%，每股 净资产10.28元，同比增6.46%，每股经营性现金流-0.48元，同比增60.85%，每股收益0.05元 | 项目 | 2024年中报 | 2025年中报 | 同比增幅 | | --- | --- | --- | --- | | 营业总收入(元) | 12.39 Z | 15.84亿 | 27.85% | | 归母净利润(元) | 5523.7万 | 5667.38万 | 2.60% | | 扣非净利润(元) | 5498. ...

据证券之星公开数据整理，近期汉森制药（002412）发布2025年中报。根据财报显示，汉森制药增收不 增利。截至本报告期末，公司营业总收入5.09亿元，同比上升5.91%，归母净利润6853.84万元，同比下 降31.8%。按单季度数据看，第二季度营业总收入2.4亿元，同比上升5.81%，第二季度归母净利润 5728.13万元，同比上升35.64%。 本次财报公布的各项数据指标表现一般。其中，毛利率76.78%，同比增2.91%，净利率13.47%，同比减 35.61%，销售费用、管理费用、财务费用总计2.27亿元，三费占营收比44.62%，同比减6.5%，每股净资 产4.48元，同比增8.57%，每股经营性现金流0.22元，同比增155.49%，每股收益0.14元，同比减31.8% | 项目 | 2024年中报 | 2025年中报 | 同比增幅 | | --- | --- | --- | --- | | 营业总收入(元) | 4.8亿 | 5.09亿 | 5.91% | | 归母净利润(元) | 1亿 | 6853.84万 | -31.80% | | 扣非净利润(元) | 9485.71万 | 0 6476 ...

Core Viewpoint - Rongji Software (002474) reported disappointing financial results for the first half of 2025, with a decline in revenue and net profit, indicating ongoing challenges in its business model [1][4]. Financial Performance Summary - Total revenue for the first half of 2025 was 226 million yuan, a decrease of 4.59% year-on-year [1]. - The net profit attributable to shareholders was -26.39 million yuan, down 8.1% from the previous year [1]. - In Q2 2025, total revenue was 111 million yuan, reflecting a significant decline of 24.61% year-on-year [1]. - The net profit for Q2 2025 was -15.39 million yuan, a drastic drop of 436.21% compared to the same quarter last year [1]. - The gross margin improved to 26.3%, an increase of 2.81% year-on-year, while the net margin fell to -11.78%, a decrease of 11.43% [1]. Cash Flow and Debt Analysis - Operating cash flow per share was 0.0 yuan, a significant decrease of 97.26% year-on-year, indicating severe cash flow issues [1]. - The company’s cash and cash equivalents decreased by 36.99% to 157 million yuan [1]. - The net cash flow from financing activities increased by 50.25%, attributed to an increase in net borrowings [3]. Accounts Receivable and Expenses - Accounts receivable increased by 31.65% to 231 million yuan, representing 47.77% of total revenue [1]. - Total expenses (selling, administrative, and financial) amounted to 61.80 million yuan, accounting for 27.35% of revenue, an increase of 8.5% year-on-year [1][4]. - Management expenses rose by 10.45%, primarily due to increases in employee compensation and office expenses [2]. Historical Performance and Investment Returns - The company has shown weak historical performance, with a median Return on Invested Capital (ROIC) of 2.18% over the past decade, and a particularly poor ROIC of -5.92% in 2023 [4]. - The company has recorded two years of losses since its IPO, indicating a fragile business model [4]. Recommendations for Monitoring - Attention is advised on the company's cash flow situation, with cash representing only 6.43% of total assets and 19.86% of current liabilities [4]. - The debt situation is concerning, with a debt-to-asset ratio of 23.42% and a ratio of total interest-bearing debt to the average operating cash flow over the past three years at 13.04% [4]. - The accounts receivable situation is critical, as the net profit attributable to shareholders remains negative [4].

据证券之星公开数据整理，近期ST泉为（300716）发布2025年中报。截至本报告期末，公司营业总收 入4620.4万元，同比下降68.28%，归母净利润-3679.45万元，同比上升21.73%。按单季度数据看，第二 季度营业总收入2310.78万元，同比下降72.98%，第二季度归母净利润-2011.6万元，同比上升27.58%。 本报告期ST泉为三费占比上升明显，财务费用、销售费用和管理费用总和占总营收同比增幅达 111.37%。 业务评价：去年的净利率为-121.68%，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，公司上市以来中位数ROIC为5.03%，投资回报一般，其中最惨年份2024年的ROIC 为-62.3%，投资回报极差。公司历史上的财报非常一般（注：公司上市时间不满10年，上市时间越长财 务均分参考意义越大。），公司上市来已有年报7份，亏损年份4次，如无借壳上市等因素，价投一般不 看这类公司。 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1.52%、近3年经营性现金流均值/流动负债仅为 8.69%） 建议关注公司债务状况（有息资产负债率已达24 ...

据证券之星公开数据整理，近期亚星锚链（601890）发布2025年中报。截至本报告期末，公司营业总收 入9.91亿元，同比上升5.88%，归母净利润1.15亿元，同比下降17.43%。按单季度数据看，第二季度营 业总收入4.03亿元，同比下降17.18%，第二季度归母净利润6205.14万元，同比下降12.3%。本报告期亚 星锚链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185.89%。 | 项目 | 2024年中报 | 2025年中报 | 同比增幅 | | --- | --- | --- | --- | | 营业总收入(元) | 9.36 Z | 9.9166 | 5.88% | | 归母浄利润（元） | 1.39亿 | 1.15亿 | -17.43% | | 扣非净利润(元) | 9355.17万 | 9823.02万 | 5.00% | | 货币资金(元) | 14.09亿 | 1 16.54亿 | 17.39% | | 应收账款(元) | 4.83亿 | 5.24亿 | 8.61% | | 有息负债(元) | 6.93亿 | 8.43亿 | 21.54% | | 毛利率 | 27.40 ...

据证券之星公开数据整理，近期联动科技（301369）发布2025年中报。截至本报告期末，公司营业总收 入1.56亿元，同比上升14.21%，归母净利润1211.17万元，同比上升335.11%。按单季度数据看，第二季 度营业总收入9090.31万元，同比上升15.41%，第二季度归母净利润1474.74万元，同比上升141.79%。 本报告期联动科技应收账款上升，应收账款同比增幅达102.65%。 本次财报公布的各项数据指标表现尚佳。其中，毛利率55.89%，同比减4.58%，净利率6.83%，同比增 364.62%，销售费用、管理费用、财务费用总计3765.92万元，三费占营收比24.17%，同比增0.72%，每 股净资产21.18元，同比增0.85%，每股经营性现金流-0.37元，同比增22.35%，每股收益0.17元，同比增 325.0% | 项目 | 2024年中报 | 2025年中报 | 同比增幅 | | --- | --- | --- | --- | | 营业总收入(元) | 1.36亿 | 1.56/2 | 14.21% | | 归母浄利润（元） | 278.36万 | 1211.17万 | 3 ...

据证券之星公开数据整理，近期坤恒顺维（688283）发布2025年中报。截至本报告期末，公司营业总收 入1.02亿元，同比上升26.69%，归母净利润1281.19万元，同比下降8.49%。按单季度数据看，第二季度 营业总收入7181.98万元，同比上升28.28%，第二季度归母净利润1353.59万元，同比上升23.44%。本报 告期坤恒顺维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554.85%。 本次财报公布的各项数据指标表现一般。其中，毛利率60.33%，同比减3.6%，净利率12.52%，同比减 27.77%，销售费用、管理费用、财务费用总计1614.67万元，三费占营收比15.77%，同比增16.65%，每 股净资产8.08元，同比减29.56%，每股经营性现金流-0.2元，同比减3612.28%，每股收益0.11元 | 项目 | 2024年中报 | 2025年中报 | 同比增幅 | | --- | --- | --- | --- | | 营业总收入(元) | 8079.85万 | 1.02亿 | 26.69% | | 归母净利润(元) | 1400.09万 | 1281.19万 ...

Core Viewpoint - Moen Electric (002451) reported a mixed performance in its 2025 mid-year financial results, with significant revenue growth but a decline in net profit and profitability margins [1] Financial Performance Summary - Total revenue for the first half of 2025 reached 813 million yuan, a year-on-year increase of 39.32% [1] - Net profit attributable to shareholders was 5.711 million yuan, down 39.53% year-on-year [1] - In Q2 2025, total revenue was 448 million yuan, up 28.55% year-on-year, while net profit dropped 51.59% to 2.5187 million yuan [1] - Gross margin decreased to 7.64%, down 26.77% year-on-year, and net margin fell to 1.14%, down 27.80% [1] - Total operating expenses (sales, management, and financial expenses) amounted to 36.8335 million yuan, accounting for 4.53% of revenue, a decrease of 25.69% year-on-year [1] - Earnings per share (EPS) was 0.01 yuan, a decline of 35.00% year-on-year [1] Key Financial Metrics - Accounts receivable increased by 30.54% year-on-year, reaching 677.1 million yuan [1] - Interest-bearing liabilities rose by 44.34% to 833 million yuan [1] - Cash flow from operating activities showed a significant decline of 151.67%, resulting in -0.05 yuan per share [1] - The company’s return on invested capital (ROIC) was 2.89%, indicating weak capital returns [5] Cash Flow and Debt Analysis - Cash flow from financing activities increased by 103.8%, attributed to a rise in bank loans [4] - The cash flow situation is concerning, with cash and cash equivalents covering only 22.4% of current liabilities [6] - The debt situation is also alarming, with interest-bearing debt to cash flow ratio reaching 45.25% [6] Business Model Insights - The company relies heavily on research and marketing for its performance, necessitating a deeper analysis of these driving factors [5]

据证券之星公开数据整理，近期凯恩股份（002012）发布2025年中报。截至本报告期末，公司营业总收 入2.75亿元，同比上升0.17%，归母净利润1128.06万元，同比下降20.55%。按单季度数据看，第二季度 营业总收入1.35亿元，同比上升0.31%，第二季度归母净利润624.05万元，同比下降23.35%。本报告期 凯恩股份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2310.62%。 本次财报公布的各项数据指标表现一般。其中，毛利率18.16%，同比增10.83%，净利率6.62%，同比减 15.73%，销售费用、管理费用、财务费用总计2275.12万元，三费占营收比8.27%，同比增8.46%，每股 净资产3.29元，同比增0.06%，每股经营性现金流0.05元，同比减54.96%，每股收益0.02元，同比减 33.33% | 项目 | 2024年中报 | 2025年中报 | 同比增幅 | | --- | --- | --- | --- | | 营业总收入(元) | 2.75亿 | 2.75亿 | 0.17% | | 归母净利润(元) | 1419.85万 | 1128.06万 | ...

Core Insights - Wan Sheng Intelligent (300882) reported a total revenue of 567 million yuan for the first half of 2025, representing a year-on-year increase of 16.35% [1] - The net profit attributable to shareholders reached 97.05 million yuan, up 12.96% year-on-year [1] - The company experienced a significant increase in accounts receivable, which rose by 61.4% compared to the previous year [1] Financial Performance - Total revenue for the first half of 2025 was 567 million yuan, compared to 487 million yuan in the same period of 2024, marking a 16.35% increase [1] - Net profit attributable to shareholders was 97.05 million yuan, up from 85.92 million yuan in 2024, a growth of 12.96% [1] - Gross margin improved to 36.21%, an increase of 6.18% year-on-year, while net margin decreased slightly to 17.12%, down 2.91% [1] Cash Flow and Working Capital - Cash and cash equivalents decreased by 37.35% to 371 million yuan, attributed to increased payments for inventory related to current orders [3] - Accounts receivable increased significantly by 61.4% to 501 million yuan, indicating a rise in credit sales [1][3] - Operating cash flow per share was -0.62 yuan, a drastic decline of 467.18% year-on-year, reflecting increased cash outflows for inventory purchases [1][4] Expense Analysis - Total selling, general, and administrative expenses amounted to 60.07 million yuan, accounting for 10.6% of revenue, which is a 21.38% increase from the previous year [1] - Management expenses rose by 31.79%, primarily due to increased employee compensation [3] - Financial expenses surged by 85.22%, mainly due to a decrease in bank deposit interest [3] Investment Metrics - The company's return on invested capital (ROIC) was reported at 8.99%, indicating average capital returns [4] - Historical data shows a median ROIC of 13.66% since the company went public, with the lowest recorded ROIC at 6.94% in 2021 [4] - The company’s net profit margin was 12.69%, suggesting a high value-added in its products or services [4]