据证券之星公开数据整理，近期嘉戎技术（301148）发布2025年中报。截至本报告期末，公司营业总收 入2.12亿元，同比下降14.73%，归母净利润2837.74万元，同比上升14.31%。按单季度数据看，第二季 度营业总收入1.14亿元，同比下降19.54%，第二季度归母净利润1548.73万元，同比上升28.71%。本报 告期嘉戎技术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1185.7%。 本次财报公布的各项数据指标表现一般。其中，毛利率38.04%，同比减2.28%，净利率12.94%，同比增 36.6%，销售费用、管理费用、财务费用总计3997.89万元，三费占营收比18.82%，同比减7.01%，每股 净资产14.95元，同比增0.97%，每股经营性现金流0.38元，同比增2717.38%，每股收益0.24元，同比增 14.29% 财报体检工具显示： 建议关注公司现金流状况（近3年经营性现金流均值/流动负债仅为13.3%） 建议关注公司应收账款状况（应收账款/利润已达1185.7%） 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2.51%，资本回报率不强。去年 ...

据证券之星公开数据整理，近期北方长龙（301357）发布2025年中报。截至本报告期末，公司营业总收 入6497.07万元，同比上升59.62%，归母净利润-109.36万元，同比上升73.64%。按单季度数据看，第二 季度营业总收入4440.17万元，同比上升178.16%，第二季度归母净利润397.68万元，同比上升 151.88%。本报告期北方长龙公司应收账款体量较大，当期应收账款占最新年报营业总收入比达 340.71%。 本次财报公布的各项数据指标表现尚佳。其中，毛利率45.83%，同比减9.0%，净利率-1.68%，同比增 83.48%，销售费用、管理费用、财务费用总计1147.09万元，三费占营收比17.66%，同比减28.53%，每 股净资产11.82元，同比减0.69%，每股经营性现金流-0.12元，同比增87.15%，每股收益-0.01元，同比 增75.0% 建议关注公司应收账款状况（年报归母净利润为负） 最近有知名机构关注了公司以下问题： | 项目 | 2024年中报 | 2025年中报 | 同比增幅 | | --- | --- | --- | --- | | 营业总收入(元) | 407 ...

Core Viewpoint - A光股份 (603282) reported mixed financial results for the first half of 2025, with revenue growth but a decline in net profit, indicating potential challenges in profitability despite increased sales [1][3]. Financial Performance - Total revenue for the first half of 2025 reached 345 million yuan, a year-on-year increase of 15.08% [1]. - Net profit attributable to shareholders was 41.29 million yuan, down 4.57% year-on-year [1]. - In Q2 2025, total revenue was 166 million yuan, showing a significant year-on-year increase of 98.43%, while net profit surged to 14.78 million yuan, up 3596.54% [1]. Profitability Metrics - Gross margin decreased to 28.08%, down 20.37% year-on-year [1]. - Net margin also fell to 12.1%, a decline of 15.12% compared to the previous year [1]. - The company's return on invested capital (ROIC) for the previous year was 7.37%, indicating average capital returns [3]. Cost and Expense Analysis - Total selling, administrative, and financial expenses amounted to 34.08 million yuan, representing 9.89% of revenue, a decrease of 18.46% year-on-year [1]. - The company’s cash flow situation is concerning, with cash and cash equivalents covering only 37.29% of current liabilities [3]. Balance Sheet Insights - Accounts receivable stood at 213 million yuan, which is 208.96% of the net profit, indicating a high level of receivables relative to earnings [1][3]. - Inventory levels are also notable, with inventory accounting for 129.38% of revenue [3]. Shareholder Metrics - Earnings per share (EPS) decreased to 0.31 yuan, down 3.12% year-on-year [1]. - Book value per share increased to 9.44 yuan, reflecting a year-on-year growth of 4.33% [1]. - Operating cash flow per share improved significantly to 0.37 yuan, a year-on-year increase of 106.93% [1].

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。 据证券之星公开数据整理，近期海螺新材（000619）发布2025年中报。根据财报显示，海螺新材净利润 同比下降140.75%。截至本报告期末，公司营业总收入24.01亿元，同比下降9.7%，归母净利润-2899.82 万元，同比下降140.75%。按单季度数据看，第二季度营业总收入13.73亿元，同比下降14.61%，第二季 度归母净利润-444.31万元，同比下降230.72%。 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8.0%，同比减5.19%，净利率-1.19%，同 比减232.14%，销售费用、管理费用、财务费用总计1.96亿元，三费占营收比8.17%，同比增5.04%，每 股净资产5.8元，同比减4.71%，每股经营性现金流0.19元，同比增152.45%，每股收益-0.07元，同比减 132.98% | 项目 | 2024年中报 | 2025年中报 | 同比增幅 | | --- | --- | --- | --- | | 营业总收入(元) | 26.59亿 | 24.01亿 | -9.70% | | 归母净利 ...

Group 1 - The core viewpoint of the news is that the company, Zhuangyuan Ranch, reported a mixed financial performance for the first half of 2025, with a slight decline in total revenue but an improvement in profitability metrics [1][2]. - The total revenue for the reporting period was 420 million yuan, a year-on-year decrease of 1.31%, while the net profit attributable to shareholders was -27.67 million yuan, an increase of 68.5% year-on-year [1]. - In the second quarter, the total revenue was 210 million yuan, showing a year-on-year increase of 4.64%, and the net profit attributable to shareholders was -1.72 million yuan, reflecting a significant year-on-year increase of 96.02% [1]. Group 2 - The company's gross margin increased by 187.05% year-on-year, reaching 21.01%, while the net margin improved by 68.15%, resulting in a net margin of -6.6% [1]. - Total selling, administrative, and financial expenses amounted to 104 million yuan, accounting for 24.84% of revenue, which is a year-on-year decrease of 8.68% [1]. - The company reported a net asset per share of 5.44 yuan, a year-on-year decrease of 8.54%, and an operating cash flow per share of 0.27 yuan, which increased by 123.03% year-on-year [1]. Group 3 - The company's historical financial performance has been generally weak, with a median ROIC of 4.44% since its listing and a particularly poor ROIC of -6.47% in 2024 [2]. - The business model relies heavily on marketing-driven strategies, indicating a need for further analysis of the underlying drivers of this approach [2]. - The company has faced two years of losses since its listing, suggesting a fragile business model [2]. Group 4 - The company’s cash flow situation is concerning, with a cash and cash equivalents to current liabilities ratio of only 28.67% and a three-year average operating cash flow to current liabilities ratio of 15.29% [3]. - The debt situation is also a point of concern, with an interest-bearing asset liability ratio reaching 45.39% [3]. - The accounts receivable situation is highlighted, particularly given the negative net profit attributable to shareholders in the annual report [3].

Financial Performance - The company reported total revenue of 263 million yuan for the first half of 2025, a decrease of 3.21% year-on-year [1] - The net profit attributable to shareholders was 31.22 million yuan, down 46.8% compared to the previous year [1] - The gross profit margin was 25.27%, a decline of 27.04% year-on-year, while the net profit margin was 11.85%, down 45.03% [1] - The company’s operating cash flow per share was 0.06 yuan, a significant drop of 92.76% year-on-year [1] Accounts Receivable and Financial Ratios - Accounts receivable accounted for 183.59% of the net profit, indicating a large volume of receivables relative to profit [1][4] - Total expenses (selling, administrative, and financial) amounted to 17.76 million yuan, representing 6.74% of revenue, an increase of 21.15% year-on-year [1] - The return on invested capital (ROIC) for the previous year was 2.68%, indicating weak capital returns [3] Business Developments - The company has established a joint venture with Wilham, named 博盈威尔汉姆 (Guangdong) Metal Composite Materials Co., Ltd., which has completed its business registration [5] - The joint venture is progressing steadily, with updates to be disclosed as necessary [5] Market Expectations - Analysts expect the company's performance for 2025 to reach approximately 96 million yuan, with an average earnings per share forecast of 0.73 yuan [4]

业务评价：公司去年的ROIC为18.54%，资本回报率极强。然而去年的净利率为7.11%，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，公司上市以来中位数ROIC为18.54%， 投资回报也很好，其中最惨年份2021年的ROIC为9.25%，投资回报也较好。公司历史上的财报相对良好 （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。）。 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277.2%） 据证券之星公开数据整理，近期毓恬冠佳（301173）发布2025年中报。截至本报告期末，公司营业总收 入9.58亿元，同比下降11.3%，归母净利润5921.35万元，同比下降25.65%。按单季度数据看，第二季度 营业总收入4.85亿元，同比下降13.57%，第二季度归母净利润3900.84万元，同比上升36.46%。本报告 期毓恬冠佳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277.2%。 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16.78%，同比减0.09%，净利率6.12%， 同比减16. ...

据证券之星公开数据整理，近期深圳新星（603978）发布2025年中报。根据财报显示，深圳新星营收上 升亏损收窄。截至本报告期末，公司营业总收入14.99亿元，同比上升28.91%，归母净利润-2236.32万 元，同比上升61.0%。按单季度数据看，第二季度营业总收入7.58亿元，同比上升14.56%，第二季度归 母净利润-2478.45万元，同比下降44.3%。 本次财报公布的各项数据指标表现尚佳。其中，毛利率4.11%，同比减20.15%，净利率-1.49%，同比增 70.02%，销售费用、管理费用、财务费用总计5224.61万元，三费占营收比3.48%，同比减45.51%，每股 净资产7.46元，同比减12.44%，每股经营性现金流0.7元，同比增190.76%，每股收益-0.11元，同比增 69.44% | 项目 | 2024年中报 | 2025年中报 | 同比增幅 | | --- | --- | --- | --- | | 营业总收入(元) | 11.63亿 | 14.99亿 | 28.91% | | 归母净利润(元) | -5733.77万 | -2236.32万 | 61.00% | | 扣非 ...

证券之星消息，ST朗源2025年中报显示，公司主营收入1.03亿元，同比下降4.72%；归母净利润-522.69 万元，同比上升75.99%；扣非净利润-848.21万元，同比上升65.05%；其中2025年第二季度，公司单季 度主营收入4932.47万元，同比上升29.38%；单季度归母净利润-134.88万元，同比上升95.32%；单季度 扣非净利润-447.62万元，同比上升85.08%；负债率6.19%，投资收益707.44万元，财务费用32.69万元， 毛利率11.7%。 财报数据概要请见下图: l 数据评级 护城河 成长性 利能力 2023 2024 2025 ■ 营业总收入-中报(亿) ■ 单季度营业总收入-第二季度(亿) 一 归母净利润 一 归母净利润-中报(万) -522.69 同比 +75.98% 单季度归母净利润-第二季度(万) -134.88 同比 +95.32% -134.88 -522.69 -2080.14-2009.15 -2176.6 2882.79 2023 2025 2024 ■ 归母净利润-中报(万) ■ 单季度归母净利润-第二季度(万) 一 扣非净利润 一 扣非净利润 ...

证券之星消息，中远海特2025年中报显示，公司主营收入107.75亿元，同比上升44.05%；归母净利润 8.25亿元，同比上升13.08%；扣非净利润8.35亿元，同比上升52.77%；其中2025年第二季度，公司单季 度主营收入55.79亿元，同比上升37.76%；单季度归母净利润4.8亿元，同比上升23.15%；单季度扣非净 利润4.86亿元，同比上升102.96%；负债率58.04%，投资收益4833.8万元，财务费用2.72亿元，毛利率 20.5%。 财报数据概要请见下图: 2023 2024 2025 ■ 营业总收入-中报(亿) ■ 单季度营业总收入-第二季度(亿) 一 归母净利润 一 归母净利润-中报(亿) 8.25 同比 +13.08% 单季度归母净利润-第二季度(亿) 4.80 同比 +23.14% 8.24 7.29 6.43 4.79 3.89 2.54 2023 2024 2025 ■ 单季度归母净利润-第二季度(亿) ■ 归母净利润-中报(亿) 一 扣非净利润 一 扣非净利润-中报(亿) 8.35 同比 +52.76% 单季度扣非净利润-第二季度(亿) 4.86 同比 +102.95 ...