| 项目 | 2024年中报 | 2025年中报 | 同比增幅 | | --- | --- | --- | --- | | 营业总收入(元) | 8.49 Z | 11.96亿 | 40.89% | | 归母净利润（元） | -1.39 Z | -4477.89万 | 67.87% | | 扣非净利润(元) | -1.2亿 | -4656.36万 | 61.26% | | 货币资金(元) | 3.66亿 | 7.69 Z | 110.13% | | 应收账款(元) | 2.24亿 | 3.91亿 | 74.72% | | 有息负债(元) | 6.89亿 | 6.59亿 | -4.35% | | 毛利率 | -2.44% | 2.76% | 213.27% | | 净利率 | -20.91% | -5.36% | 74.35% | | 三费占营收比 | 10.03% | 6.83% | -31.96% | | 每股净资产 (元) | -0.31 | -0.02 | 94.09% | | 每股收益(元) | -0.39 | -0.12 | 69.79% | | 每股经营性现金流(元) | 0.18 | -0.36 ...

Core Viewpoint - Shanghai Yashi (603329) reported a significant increase in revenue and net profit for the first half of 2025, but also showed concerning trends in accounts receivable and profitability metrics [1][2]. Financial Performance - Total revenue reached 2.044 billion yuan, a year-on-year increase of 56.76% - Net profit attributable to shareholders was 20.3263 million yuan, up 42.56% year-on-year - In Q2 alone, total revenue was 1.243 billion yuan, increasing by 56.28% year-on-year, while net profit for Q2 was 10.5777 million yuan, a 5.61% increase year-on-year [1]. Profitability Metrics - Gross margin stood at 6.0%, a decrease of 17.39% year-on-year - Net margin was 0.89%, reflecting a year-on-year increase of 2.07% - Total selling, administrative, and financial expenses amounted to 91.8611 million yuan, accounting for 4.49% of revenue, a decrease of 25.74% year-on-year [1]. Cash Flow and Debt Situation - Operating cash flow per share was -1.33 yuan, a decline of 47.83% year-on-year - The company has a cash flow situation that raises concerns, with cash and cash equivalents to current liabilities at only 34.37% and a three-year average operating cash flow to current liabilities of -3.08% [2]. - The debt situation is also concerning, with interest-bearing debt ratio reaching 22.01% and a negative average operating cash flow over the past three years [2]. Accounts Receivable - Accounts receivable increased significantly, with a year-on-year growth rate of 172.63% - The ratio of accounts receivable to profit reached 910.62%, indicating potential liquidity issues [3].

偿债能力：公司现金资产非常健康。 财报体检工具显示： 建议关注公司应收账款状况（应收账款/利润已达262.04%） 本次财报公布的各项数据指标表现尚佳。其中，毛利率68.01%，同比减4.03%，净利率23.99%，同比减 27.36%，销售费用、管理费用、财务费用总计2602.07万元，三费占营收比32.53%，同比减17.55%，每 股净资产24.42元，同比增2.97%，每股经营性现金流0.26元，同比增216.46%，每股收益0.31元，同比增 12.18% | 项目 | 2024年中报 | 2025年中报 | 同比增幅 | | --- | --- | --- | --- | | 营业总收入(元) | 5120.85万 | 7998.51万 | 56.20% | | 归母净利润(元) | 1697.55万 | 1903.76万 | 12.15% | | 扣非净利润(元) | 591.2万 | 841.09万 | 42.27% | | 货币资金(元) | 5301.96万 | 3.71亿 | 599.44% | | 应收账款(元) | 1.59亿 | 1.35 亿 | -14.85% | | 有息负债( ...

Core Viewpoint - The recent financial report of Chuangshi Technology (300941) indicates a decline in revenue and net profit, raising concerns about the company's financial health and operational efficiency [1]. Financial Performance - The total revenue for the first half of 2025 was 86.67 million yuan, a decrease of 7.08% compared to 2024 [1]. - The net profit attributable to shareholders was 6.38 million yuan, down 66.59% year-on-year [1]. - The gross margin was 34.44%, reflecting a significant drop of 29.71% compared to the previous year [1]. - The net profit margin decreased to 7.78%, down 62.35% year-on-year [1]. - The total expenses (selling, administrative, and financial) amounted to 22.38 million yuan, accounting for 25.82% of revenue, an increase of 8.65% year-on-year [1]. Cash Flow and Assets - The company reported a significant increase in cash assets, with monetary funds reaching 182 million yuan, a rise of 412.98% [1]. - The operating cash flow per share was -0.65 yuan, a decrease of 90.26% compared to the previous year [1]. Receivables and Debt - Accounts receivable stood at 82.95 million yuan, down 8.83% year-on-year, but the accounts receivable to profit ratio reached 149.17%, indicating potential collection issues [4]. - Interest-bearing liabilities decreased to 1.65 million yuan, down 11.45% year-on-year [1]. Business Model and Return on Investment - The company's return on invested capital (ROIC) was 4.29%, indicating weak capital returns, while the historical median ROIC since listing was 31.46% [3]. - The net profit margin for the previous year was 26.32%, suggesting high added value in products or services [3]. - The company's performance is primarily driven by research and development, necessitating a deeper analysis of the underlying drivers [3].

据证券之星公开数据整理，近期三羊马(001317)发布2025年中报。截至本报告期末，公司营业总收入 7.76亿元，同比上升48.13%，归母净利润-1299.96万元，同比下降226.66%。按单季度数据看，第二季度 营业总收入4.03亿元，同比上升57.43%，第二季度归母净利润-1134.2万元，同比下降387.21%。本报告 期三羊马应收账款上升，应收账款同比增幅达42.84%。 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94.76%、近3年经营性现金流均 值/流动负债仅为-4.78%)建议关注公司债务状况(有息资产负债率已达33.99%、近3年经营性现金流均值 为负)建议关注财务费用状况(近3年经营活动产生的现金流净额均值为负)建议关注公司应收账款状况(应 收账款/利润已达6125.09%) 最近有知名机构关注了公司以下问题： 问：三羊马智人科技(重庆)有限公司的定位是什么？ 答：三羊马智人科技(重庆)有限公司前期以汽车传感器的销售为主、未来主要从事汽车传感器的研发生 产、业务延伸到机器人传感器的研发生产、低空传感器的研发生产。 传感器业务定位主要集中在汽车动力和底盘领域，这两 ...

业务评价：公司去年的ROIC为7%，资本回报率一般。去年的净利率为6.99%，算上全部成本后，公司 产品或服务的附加值一般。从历史年报数据统计来看，公司近10年来中位数ROIC为8.67%，中位投资回 报一般，其中最惨年份2018年的ROIC为-4.85%，投资回报极差。公司历史上的财报相对一般，公司上 市来已有年报27份，亏损年份1次，需要仔细研究下有无特殊原因。 | 项目 | 2024年中报 | 2025年中报 | 同比增幅 | | --- | --- | --- | --- | | 营业总收入(元) | 128.61亿 | 120.64 Z | -6.20 | | 归母净利润(元) | 11.11亿 | 11.55 Z | 3.92 | | 扣非净利润(元) | 10.89 Z | 11.3亿 | 3.81 | | 货币资金(元) | 35.55 Z | 43.59 Z | 22.62 | | 应收账款(元) | 93.73亿 | 96.3亿 | 2.74 | | 有息负债(元) | 96.24亿 | 96.37 亿 | 0.13 | | 毛利率 | 46.78% | 48.18% | 3.00 | | ...

Core Viewpoint - Kailong High-Tech (300912) reported a decline in total revenue for the first half of 2025, but showed significant improvement in profitability metrics despite a negative net profit [1] Financial Performance - Total revenue for the first half of 2025 was 315 million yuan, a decrease of 7.35% year-on-year [1] - Net profit attributable to shareholders was -10.69 million yuan, an improvement of 85.79% year-on-year [1] - In Q2 2025, total revenue was 144 million yuan, down 12.62% year-on-year, while net profit attributable to shareholders was -4.83 million yuan, up 88.75% year-on-year [1] - Gross margin increased by 66.32% to 15.43%, and net margin improved by 82.66% to -3.96% [1] Cost and Efficiency Metrics - Total selling, administrative, and financial expenses amounted to 44.74 million yuan, accounting for 14.21% of revenue, a decrease of 28.03% year-on-year [1] - Earnings per share improved to -0.09 yuan, an increase of 86.15% year-on-year [1] - Operating cash flow per share was 0.17 yuan, a significant increase of 340.44% year-on-year [1] Historical Performance and Business Model - The company's historical return on invested capital (ROIC) has been generally low, with a median of 6.18% since its listing, and a particularly poor ROIC of -27.26% in 2024 [3] - The business model relies heavily on research and development, necessitating a thorough examination of the underlying drivers of this approach [3] Financial Health Indicators - Cash flow situation is concerning, with cash and cash equivalents to current liabilities at only 25.12%, and a negative average operating cash flow over the past three years [4] - Debt situation is also a concern, with interest-bearing debt ratio reaching 23.56% and negative average operating cash flow over the past three years [4] - Financial expenses have been high, with negative net cash flow from operating activities over the past three years [4]

业务评价：去年的净利率为1.56%，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5.68%，投资回报一般，其中最惨年份2013年的ROIC 为-7.03%，投资回报极差。公司历史上的财报相对一般（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5份，亏损年份2次，显示生意模式比较脆弱。 据证券之星公开数据整理，近期普元信息（688118）发布2025年中报。截至本报告期末，公司营业总收 入9918.12万元，同比下降24.84%，归母净利润-2963.21万元，同比上升51.05%。按单季度数据看，第二 季度营业总收入6193.7万元，同比下降13.16%，第二季度归母净利润-209.13万元，同比上升90.16%。本 报告期普元信息盈利能力上升，毛利率同比增幅15.38%，净利率同比增幅34.87%。 本次财报公布的各项数据指标表现一般。其中，毛利率49.69%，同比增15.38%，净利率-29.88%，同比 增34.87%，销售费用、管理费用、财务费用总计6828.18万元，三费占营收比68.85%，同比增10.2 ...

据证券之星公开数据整理，近期明月镜片（301101）发布2025年中报。截至本报告期末，公司营业总收 入3.99亿元，同比上升3.68%，归母净利润9550.61万元，同比上升7.35%。按单季度数据看，第二季度 营业总收入2.02亿元，同比上升4.71%，第二季度归母净利润4835.83万元，同比上升3.42%。本报告期 明月镜片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87.83%。 本次财报公布的各项数据指标表现尚佳。其中，毛利率57.87%，同比减2.57%，净利率25.26%，同比增 3.4%，销售费用、管理费用、财务费用总计1.05亿元，三费占营收比26.41%，同比减14.06%，每股净资 产8.26元，同比增5.01%，每股经营性现金流0.32元，同比减9.96%，每股收益0.48元，同比增7.77% 偿债能力：公司现金资产非常健康。 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。 | 项目 | 2024年中报 | 2025年中报 | 同比增幅 | | --- | --- | --- | --- | | 营业总收入(元) | 3.85亿 | 2666 ...

据证券之星公开数据整理，近期东方中科（002819）发布2025年中报。根据财报显示，东方中科营收上 升亏损收窄。截至本报告期末，公司营业总收入13.48亿元，同比上升0.04%，归母净利润-4934.09万 元，同比上升5.21%。按单季度数据看，第二季度营业总收入7.33亿元，同比上升5.61%，第二季度归母 净利润-1476.38万元，同比上升37.72%。 本次财报公布的各项数据指标表现尚佳。其中，毛利率19.0%，同比减7.34%，净利率-5.13%，同比增 11.27%，销售费用、管理费用、财务费用总计2.24亿元，三费占营收比16.62%，同比减7.3%，每股净资 产13.44元，同比减2.42%，每股经营性现金流-0.35元，同比增12.36%，每股收益-0.17元，同比增4.64% | 项目 | 2024年中报 | 2025年中报 | 同比增幅 | | --- | --- | --- | --- | | 营业总收入(元) | 13.48亿 | 13.48 Z | 0.049 | | 归母净利润(元) | -5205.47万 | -4934.09万 | 5.219 | | 扣非净利润(元) | ...