Core Viewpoint - *ST Jinbi reported significant revenue growth but continued to incur losses, indicating challenges in profitability despite increased sales [1] Financial Performance - The total revenue for the first half of 2025 reached 158 million yuan, a year-on-year increase of 101.99% [1] - The net profit attributable to shareholders was -17.92 million yuan, a decline of 550.84% compared to the previous year [1] - In Q2 2025, total revenue was 82.01 million yuan, up 135.96% year-on-year, while net profit was -15.75 million yuan, down 385.87% [1] - Gross margin decreased to 36.49%, down 33.28% year-on-year, and net margin was -10.37%, a drop of 185.56% [1] - Total expenses (selling, administrative, and financial) amounted to 57.74 million yuan, accounting for 36.53% of revenue, a decrease of 28.26% year-on-year [1] Cash Flow and Debt - The company reported cash and cash equivalents of 99.44 million yuan, an increase of 55.81% year-on-year [1] - Accounts receivable rose to 24.60 million yuan, up 109.47% year-on-year [1] - Interest-bearing liabilities surged to 33.48 million yuan, an increase of 813.49% compared to the previous year [1] - Operating cash flow per share was -0.01 yuan, a decrease of 203.27% year-on-year [1] Business Model and Operational Insights - The company's return on invested capital (ROIC) was 5.72% last year, indicating average capital returns [3] - The historical median ROIC since listing is 6.61%, with a notably poor ROIC of -9.7% in 2022 [3] - The business model relies heavily on marketing, necessitating a deeper analysis of the underlying drivers [4]

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 ...

Core Insights - Yongxin Co., Ltd. reported a total revenue of 1.746 billion yuan for the first half of 2025, representing a year-on-year increase of 5.78% [1] - The net profit attributable to shareholders reached 183 million yuan, up 1.72% year-on-year [1] - The company's accounts receivable accounted for 143.18% of the latest annual net profit, indicating a significant amount of outstanding payments [2] Financial Performance - Total revenue for the second quarter was 898 million yuan, showing a year-on-year increase of 10.07% [1] - The gross profit margin decreased to 21.18%, down 5.38% year-on-year, while the net profit margin fell to 10.55%, a decrease of 4.4% [1] - Total expenses (selling, administrative, and financial) amounted to 90.33 million yuan, which is 5.17% of revenue, down 12.53% year-on-year [1] Key Ratios - Earnings per share (EPS) increased to 0.30 yuan, a rise of 3.45% year-on-year [1] - The company's return on invested capital (ROIC) was 13.9% last year, indicating strong capital returns [3] - The median ROIC over the past decade has been 13.32%, reflecting consistent investment returns [3] Fund Holdings - The largest fund holding Yongxin shares is the Baoying Emerging Industry Mixed A fund, which increased its holdings to 5.78 billion yuan [4] - Other funds, such as Baoying Development New Momentum Stock A and Baoying Quality Growth Mixed A, also increased their positions in Yongxin [4] - The performance of the Baoying Emerging Industry Mixed A fund has seen a 58.39% increase over the past year [4]

据证券之星公开数据整理，近期龙利得（300883）发布2025年中报。根据财报显示，龙利得增收不增 利。截至本报告期末，公司营业总收入4.29亿元，同比上升20.71%，归母净利润119.58万元，同比下降 69.52%。按单季度数据看，第二季度营业总收入2.23亿元，同比上升20.26%，第二季度归母净利 润-55.66万元，同比上升55.43%。 本次财报公布的各项数据指标表现一般。其中，毛利率13.98%，同比减2.61%，净利率0.31%，同比减 73.82%，销售费用、管理费用、财务费用总计4560.23万元，三费占营收比10.64%，同比减2.21%，每股 净资产4.11元，同比减0.29%，每股经营性现金流-0.15元，同比减28.79%，每股收益0.0元，同比减 69.3% 证券之星价投圈财报分析工具显示： 业务评价：公司去年的ROIC为0.63%，历来资本回报率不强。去年的净利率为-0.35%，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，公司上市以来中位数ROIC为8.51%，投 资回报也较好，其中最惨年份2023年的ROIC为0.4%，投资回报一般。公司历史上的财 ...

据证券之星公开数据整理，近期欧圣电气（301187）发布2025年中报。截至本报告期末，公司营业总收 入8.78亿元，同比上升18.89%，归母净利润1.15亿元，同比上升18.52%。按单季度数据看，第二季度营 业总收入3.53亿元，同比下降14.61%，第二季度归母净利润5353.75万元，同比下降1.43%。本报告期欧 圣电气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71.22%。 本次财报公布的各项数据指标表现一般。其中，毛利率34.42%，同比减4.61%，净利率13.1%，同比减 0.31%，销售费用、管理费用、财务费用总计1.41亿元，三费占营收比16.09%，同比增5.57%，每股净资 产5.91元，同比减23.07%，每股经营性现金流0.24元，同比减78.09%，每股收益0.45元，同比减14.93% | 项目 | 2024年中报 | 2025年中报 | 同比增幅 | | --- | --- | --- | --- | | 营业总收入(元) | 7.39 亿 | 8.78亿 | 18.89% | | 归母净利润(元) | 9709.92万 | 1.15亿 | 18.52% ...

Core Insights - The company Chengfa Environment (000885) reported a total revenue of 3.216 billion yuan for the first half of 2025, representing an 11.25% year-on-year increase, and a net profit attributable to shareholders of 589 million yuan, up 20.15% year-on-year [1] Financial Performance - Total revenue for Q2 2025 reached 1.68 billion yuan, a 9.53% increase year-on-year, while net profit for the same quarter was 316 million yuan, reflecting an 18.26% year-on-year growth [1] - The gross profit margin was 41.57%, down 3.7% year-on-year, while the net profit margin improved to 20.03%, an increase of 3.44% year-on-year [1] - The company’s total operating expenses (sales, management, and financial expenses) amounted to 476 million yuan, accounting for 14.79% of revenue, a decrease of 10.87% year-on-year [1] - Earnings per share (EPS) increased to 0.92 yuan, a 20.15% rise year-on-year, and operating cash flow per share rose significantly by 53.91% to 1.52 yuan [1] Balance Sheet Highlights - Accounts receivable increased significantly by 47.25% year-on-year, reaching 4.715 billion yuan [1] - Cash and cash equivalents rose by 16.36% to 1.362 billion yuan [1] - Interest-bearing liabilities increased by 6.42% to 16.039 billion yuan, with a debt-to-asset ratio of 49.05% [4] Cash Flow Analysis - The net cash flow from operating activities surged by 53.91%, attributed to increased cash receipts from sales of goods and services [3] - Financing activities saw a substantial increase of 86.46%, driven by changes in the structure of financing activities, including the issuance of medium-term notes [3] Business Model and Market Position - The company’s return on invested capital (ROIC) was reported at 7.59%, indicating average capital returns, with a historical median ROIC of 9.03% over the past decade [3] - The company’s performance is heavily reliant on capital expenditures, necessitating close monitoring of the profitability and necessity of these investments [3] Market Expectations - Analysts project the company’s performance for 2025 to reach 1.214 billion yuan, with an average EPS forecast of 1.89 yuan [4] - The company’s accounts receivable to profit ratio stands at 413.08%, indicating potential concerns regarding cash flow management [4]

Financial Performance - Company reported total revenue of 421 million yuan for Q1 2025, a year-on-year increase of 14.6% [1] - Net profit attributable to shareholders reached 60.90 million yuan, up 42.3% year-on-year [1] - Gross margin improved to 39.18%, an increase of 2.1% compared to the previous year [1] - Net margin increased to 14.23%, reflecting a year-on-year growth of 24.18% [1] - Total expenses (selling, administrative, and financial) amounted to 67.65 million yuan, accounting for 16.08% of revenue, down 17.33% year-on-year [1] Key Financial Ratios - Earnings per share (EPS) rose to 0.25 yuan, a 42.34% increase year-on-year [1] - Operating cash flow per share improved to -0.03 yuan, a significant increase of 90.27% year-on-year [1] - Return on Invested Capital (ROIC) for the previous year was 12.55%, indicating strong capital returns [3] - The net profit margin for the previous year was 15.46%, suggesting high added value in products or services [3] Debt and Cash Flow - Company maintains a healthy cash position with total monetary funds of 482 million yuan, an increase of 11.86% year-on-year [1] - Accounts receivable increased to 743 million yuan, reflecting a 20.39% rise year-on-year [1] - Interest-bearing debt rose to 50.41 million yuan, a 46.36% increase compared to the previous year [1] Market Position and Investment Insights - Company has cumulatively raised 1.599 billion yuan since its listing, with total dividends amounting to 354 million yuan, resulting in a dividend-to-financing ratio of 0.22 [3] - Analysts expect the company's revenue for 2025 to reach 324 million yuan, with an average EPS forecast of 1.35 yuan [3] Fund Holdings - The largest fund holding in the company is the Xin'ao Star Smart Selection Mixed A, with 25,600 shares held [4] - The fund has seen a recent increase in value, with a 23.49% rise over the past year [4]