据证券之星公开数据整理，近期电光科技（002730）发布2025年中报。截至本报告期末，公司营业总收 入5.63亿元，同比上升1.03%，归母净利润4704.21万元，同比下降2.65%。按单季度数据看，第二季度 营业总收入2.9亿元，同比下降4.94%，第二季度归母净利润2640.81万元，同比上升1.62%。本报告期电 光科技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779.2%。 本次财报公布的各项数据指标表现一般。其中，毛利率40.02%，同比减3.85%，净利率8.86%，同比减 4.6%，销售费用、管理费用、财务费用总计1.31亿元，三费占营收比23.19%，同比减1.98%，每股净资 产4.44元，同比增2.95%，每股经营性现金流0.14元，同比增355.35%，每股收益0.13元 | 项目 | 2024年中报 | 2025年中报 | 同比增幅 | | --- | --- | --- | --- | | 营业总收入(元) | 5.57亿 | 5.63 亿 | 1.03% | | 归母净利润(元) | 4832.02万 | 4704.21万 | -2.65% | | 扣非净利润( ...

据证券之星公开数据整理，近期富瑞特装（300228）发布2025年中报。截至本报告期末，公司营业总收 入13.75亿元，同比下降14.75%，归母净利润8412.58万元，同比上升1.84%。按单季度数据看，第二季 度营业总收入6.62亿元，同比下降30.97%，第二季度归母净利润3389.77万元，同比下降46.02%。本报 告期富瑞特装盈利能力上升，毛利率同比增幅2.91%，净利率同比增幅22.98%。 本次财报公布的各项数据指标表现一般。其中，毛利率21.7%，同比增9.28%，净利率7.94%，同比增 22.98%，销售费用、管理费用、财务费用总计8810.65万元，三费占营收比6.41%，同比减1.2%，每股净 资产3.86元，同比增11.31%，每股经营性现金流-0.05元，同比增75.8%，每股收益0.14元 | 项目 | 2024年中报 | 2025年中报 | 同比增幅 | | --- | --- | --- | --- | | 营业总收入(元) | 16.13亿 | 13.75 Z | -14.75% | | 归母净利润(元) | 8260.56万 | 8412.58万 | 1.84% | ...

据证券之星公开数据整理，近期国风新材(000859)发布2025年中报。截至本报告期末，公司营业总收入 10.25亿元，同比下降2.59%，归母净利润-4006.55万元，同比上升4.1%。按单季度数据看，第二季度营 业总收入5.37亿元，同比下降3.63%，第二季度归母净利润-1598.38万元，同比上升6.43%。本报告期国 风新材盈利能力上升，毛利率同比增幅9.23%，净利率同比增幅1.54%。 | 项目 | 2024年中报 | 2025年中报 | 同比增幅 | | --- | --- | --- | --- | | 营业总收入(元) | 10.52亿 | 10.25 亿 | -2.59% | | 归母净利润(元) | -4177.7万 | -4006.55万 | 4.10% | | 扣非净利润(元) | -4562.61万 | -4584.19万 | -0.47% | | 货币资金(元) | 2.65亿 | 2.8亿 | 5.82% | | 应收账款(元) | 3.66亿 | 3.55亿 | -3.14% | | 有息负债(元) | 3.35亿 | 7.26 Z | 116.91% | | 毛利率 | ...

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506.4%,原因:晨薇生态园与 江阴鑫港发贸易有限公司达成战略合作，苗木销售收入增加。存货变动幅度为-22.97%,原因:晨薇生态园 因销售苗木而减少存货。营业收入变动幅度为71.91%,原因:晨薇生态园与江阴鑫港发贸易有限公司达成 战略合作，苗木销售收入增加。营业成本变动幅度为238.32%,原因:晨薇生态园苗木销售收入增加。所 得税费用的变动原因:本报告期有递延所得税资产计提。研发投入变动幅度为-54.21%,原因:研发投入同 比减少。经营活动产生的现金流量净额变动幅度为60666.79%,原因:苗木销售收到货款增加，苗木为公 司存货，无采购支出。投资活动产生的现金流量净额变动幅度为66.52%,原因:北京四环子公司转让联营 企业股权收到现金。筹资活动产生的现金流量净额变动幅度为-143.53%,原因:公司偿还银行借款致筹资 活动现金净流量同比减少。现金及现金等价物净增加额变动幅度为552.2%,原因:报告期经营活动现金净 流量增加。应收票据变动幅度为38.54%,原因:北京四环收到客户按合同支付的款项中，银行承兑汇票比 例增加。营业外支 ...

本次财报公布的各项数据指标表现一般。其中，毛利率28.93%，同比增3.03%，净利率6.9%，同比减 1.22%，销售费用、管理费用、财务费用总计4530.11万元，三费占营收比8.99%，同比增19.04%，每股 净资产11.82元，同比增6.12%，每股经营性现金流-0.84元，同比减744.22%，每股收益0.27元，同比增 14.02% | 项目 | 2024年中报 | 2025年中报 | 同比增幅 | | --- | --- | --- | --- | | 营业总收入(元) | 4.37 乙 | 5.04亿 | 15.43% | | 归母浄利润（元） | 3052.46万 | 3480.5万 | 14.02% | | 扣非净利润(元) | 2562.98万 | 1925.8万 | -24.86% | | 货币资金(元) | 1.82亿 | 2.69 Z | 47.74% | | 应收账款(元) | 2.12亿 | 1.93亿 | -9.30% | | 有息负债(元) | 2.47亿 | 5.34 Z | 115.96% | | 毛利率 | 28.07% | 28.93% | 3.03% | | 净 ...

商业模式：公司业绩主要依靠研发及营销驱动。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，近期泸天化（000912）发布2025年中报。截至本报告期末，公司营业总收入 23.79亿元，同比下降13.45%，归母净利润4610.26万元，同比下降65.55%。按单季度数据看，第二季度 营业总收入8.77亿元，同比下降44.82%，第二季度归母净利润927.34万元，同比下降90.77%。本报告期 泸天化应收账款上升，应收账款同比增幅达98.34%。 财报体检工具显示： 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8.38%，同比减33.09%，净利率1.92%， 同比减58.63%，销售费用、管理费用、财务费用总计1.25亿元，三费占营收比5.27%，同比减34.34%， 每股净资产4.1元，同比减1.69%，每股经营性现金流0.0元，同比减98.51%，每股收益0.03元，同比减 66.67% | 项目 | 2024年中报 | 2025年中报 | 同比增幅 | | --- | --- | --- | --- | | 营业总收入(元) | 28.76亿 | 23.79亿 | -13.4 ...

Core Viewpoint - The recent financial report of Inke Recycling (688087) shows a mixed performance with a revenue increase but a decline in net profit, highlighting rising operational costs and potential concerns regarding financial health [1] Financial Performance - Total revenue for the first half of 2025 reached 1.666 billion yuan, a year-on-year increase of 16.13% [1] - Net profit attributable to shareholders was 146 million yuan, down 6.01% year-on-year [1] - In Q2 2025, total revenue was 873 million yuan, up 8.98% year-on-year, while net profit was 73.5 million yuan, down 11.28% year-on-year [1] - Gross margin decreased to 25.27%, a decline of 3.3% year-on-year, and net margin fell to 8.75%, down 19.07% year-on-year [1] - Total expenses (selling, administrative, and financial) amounted to 235 million yuan, representing 14.1% of total revenue, an increase of 55.98% year-on-year [1] Key Financial Ratios - Return on Invested Capital (ROIC) for the previous year was 6.43%, indicating average capital returns [3] - Historical median ROIC since listing is 12.01%, with the worst year being 2023 at 6.04% [3] - Cash assets are reported to be healthy, but the company relies heavily on capital expenditures for performance [4] Debt and Cash Flow Analysis - The company has a debt ratio of 49.76% for interest-bearing liabilities, with total interest-bearing debt reaching 3.425 billion yuan, a 62.08% increase year-on-year [1][5] - Cash flow metrics indicate that cash assets cover only 72.55% of current liabilities, and the average operating cash flow over the past three years covers only 7.93% of current liabilities [5] Market Position and Fund Holdings - The largest fund holding Inke Recycling is the Yuanxin Yongfeng Youyue Life Mixed Fund, with 350,000 shares newly entered into the top ten holdings [7] - The fund's current size is 326 million yuan, with a recent net value of 2.2327, reflecting a 40.78% increase over the past year [7]

Core Viewpoint - Chengfei Integration (002190) reported a narrowing loss in its 2025 mid-year financial results, with total revenue declining slightly and net profit improving year-on-year despite remaining negative [1] Financial Performance - Total revenue for the first half of 2025 was 992 million yuan, a decrease of 0.42% year-on-year [1] - The net profit attributable to shareholders was -14.92 million yuan, an improvement of 43.9% compared to the previous year [1] - In Q2 2025, total revenue was 487 million yuan, down 4.39% year-on-year, while net profit was -15.41 million yuan, up 25.87% year-on-year [1] - Gross margin was 7.54%, a decrease of 20.27% year-on-year, while net margin improved to 0.44%, an increase of 32.17% [1] - Total operating expenses (selling, administrative, and financial) amounted to 28.04 million yuan, accounting for 2.83% of revenue, down 16.56% year-on-year [1] Key Financial Ratios - Earnings per share (EPS) was -0.04 yuan, an increase of 43.86% year-on-year [1] - Cash flow per share was 0.22 yuan, a decrease of 48.9% year-on-year [1] - The company's net asset per share was 8.66 yuan, up 3.95% year-on-year [1] Business Model and Investment Returns - The company's return on invested capital (ROIC) was 0.12%, indicating weak capital returns [3] - Historical data shows a median ROIC of 2.11% over the past decade, with three years of losses since its IPO, suggesting a fragile business model [3] - The company's performance heavily relies on capital expenditures, necessitating careful evaluation of the viability of these investments [3] Cash Flow and Receivables - The cash flow situation is concerning, with cash and cash equivalents covering only 17.09% of current liabilities [4] - The company has a negative net profit, raising concerns about its accounts receivable management [4]

Group 1 - The core viewpoint of the article highlights that Jinfu Technology (300128) reported a mixed financial performance for the first half of 2025, with a revenue increase but continued net losses [1] - The total operating revenue for the first half of 2025 reached 973 million yuan, representing a year-on-year increase of 20.83% [1] - The net profit attributable to the parent company was -115 million yuan, showing a slight year-on-year improvement of 0.36% [1] Group 2 - In Q2 2025, the operating revenue was 522 million yuan, up 24.83% year-on-year, while the net profit attributable to the parent company was -65.09 million yuan, down 14.7% year-on-year [1] - The company's accounts receivable accounted for 40.84% of the total operating revenue, indicating a significant amount of outstanding payments [1] - The gross margin was reported at 7.08%, a decrease of 30.35% year-on-year, while the net margin improved to -13.13%, an increase of 25.32% year-on-year [1] Group 3 - Total expenses for sales, management, and finance amounted to 152 million yuan, which is 15.58% of revenue, down 36.08% year-on-year [1] - The company's cash flow per share was -0.23 yuan, a decrease of 59.11% year-on-year, indicating worsening cash flow conditions [1] - The company has a historical median ROIC of -2.64% over the past decade, reflecting poor investment returns [1]

据证券之星公开数据整理，近期安道麦A（000553）发布2025年中报。根据财报显示，安道麦A营收上 升亏损收窄，商誉占比较高。截至本报告期末，公司营业总收入150.24亿元，同比上升0.76%，归母净 利润-8035.2万元，同比上升91.02%。按单季度数据看，第二季度营业总收入78.51亿元，同比上升 6.08%，第二季度归母净利润-2.31亿元，同比上升65.31%。 业务评价：去年的净利率为-9.85%，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，公司近10年来中位数ROIC为3.07%，中位投资回报较弱，其中最惨年份2024年的ROIC 为-5.55%，投资回报极差。公司历史上的财报非常一般，公司上市来已有年报31份，亏损年份3次，显 示生意模式比较脆弱。 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。 财报体检工具显示： 本次财报公布的各项数据指标表现尚佳。其中，毛利率26.58%，同比增15.35%，净利率-0.53%，同比 增91.09%，销售费用、管理费用、财务费用总计37.35亿元，三费占营收比24.86%，同比增5.2%，每股 净资 ...