Core Viewpoint - *ST Modern (002656) reported a significant increase in revenue and a reduction in losses for the first half of 2025, indicating potential recovery despite ongoing challenges in profitability [1]. Financial Performance - The total operating revenue for the first half of 2025 reached 235 million yuan, a year-on-year increase of 110.41% [1]. - The net profit attributable to shareholders was -20.77 million yuan, showing a 66.45% improvement compared to the previous year [1]. - In Q2 2025, the operating revenue was 143 million yuan, up 195.34% year-on-year, while the net profit attributable to shareholders was -24.49 million yuan, a decline of 198.53% [1]. - The gross margin was 35.77%, down 50.96% year-on-year, while the net margin was -8.84%, an increase of 84.06% year-on-year [1]. - Total expenses (selling, administrative, and financial) amounted to 83.79 million yuan, accounting for 35.66% of revenue, a decrease of 61.43% year-on-year [1]. Key Financial Ratios - Earnings per share improved to -0.03 yuan, a 66.4% increase year-on-year [1]. - The net asset per share rose to 0.62 yuan, reflecting a 41.58% increase year-on-year [1]. - The operating cash flow per share was -0.07 yuan, a significant decline of 155.91% year-on-year [1]. Business Evaluation - The company's historical return on invested capital (ROIC) has been poor, with a median of -6.8% over the past decade, indicating weak investment returns [3]. - The business model relies heavily on marketing-driven performance, necessitating a deeper analysis of the underlying drivers [3]. Cash Flow and Receivables - Attention is advised on the company's cash flow situation, with a three-year average of operating cash flow to current liabilities at only 9.25% [3]. - The accounts receivable situation is concerning, as the annual report shows negative net profit attributable to shareholders [3].

据证券之星公开数据整理，近期轻纺城（600790）发布2025年中报。根据财报显示，轻纺城增收不增 利。截至本报告期末，公司营业总收入5.15亿元，同比上升8.93%，归母净利润1.67亿元，同比下降 6.49%。按单季度数据看，第二季度营业总收入3.02亿元，同比上升21.92%，第二季度归母净利润1.37 亿元，同比上升11.79%。 本次财报公布的各项数据指标表现一般。其中，毛利率46.22%，同比减5.99%，净利率32.72%，同比减 15.93%，销售费用、管理费用、财务费用总计9849.86万元，三费占营收比19.12%，同比增7.85%，每股 净资产4.43元，同比增5.72%，每股经营性现金流-0.01元，同比减105.01%，每股收益0.12元，同比减 7.69% | 项目 | 2024年中报 | 2025年中报 | 同比增幅 | | --- | --- | --- | --- | | 营业总收入(元) | 4.73亿 | 5.15 Z | 8.93% 1 | | 归母净利润(元) | 1.78亿 | 1.67亿 | -6.49% | | 扣非净利润(元) | 1.66亿 | 1.67亿 ...

Core Viewpoint - Zhongchen Co., Ltd. (300933) reported a mixed performance in its 2025 mid-year financial results, with revenue growth but a significant decline in net profit [1] Financial Performance - Total revenue for the first half of 2025 reached 1.482 billion yuan, an increase of 6.98% year-on-year [1] - Net profit attributable to shareholders was 18.09 million yuan, down 43.5% compared to the previous year [1] - In Q2 2025, total revenue was 832 million yuan, reflecting a year-on-year increase of 13.43% [1] - Q2 net profit attributable to shareholders was 3.19 million yuan, a decline of 80.79% year-on-year [1] - Gross margin decreased to 12.23%, down 13.69% year-on-year, while net margin fell to 1.06%, a drop of 55.67% [1] Balance Sheet and Cash Flow - Cash and cash equivalents amounted to 767.1 million yuan, a 4.20% increase year-on-year [1] - Accounts receivable rose to 1.595 billion yuan, up 5.14% year-on-year, with accounts receivable to net profit ratio at 4184.99% [1][3] - The company reported a negative operating cash flow per share of -0.18 yuan, although this was an improvement of 67.82% year-on-year [1] Cost Structure - Total selling, administrative, and financial expenses were 114 million yuan, accounting for 7.66% of revenue, a decrease of 10.25% year-on-year [1] - The company’s return on invested capital (ROIC) was 3.38%, indicating weak capital returns [1][2] Business Model - The company's performance is primarily driven by research and marketing efforts, necessitating a deeper analysis of these underlying drivers [2]

证券之星价投圈财报分析工具显示： 业务评价：去年的净利率为-50.37%，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1.07%，投资回报一般，其中最惨年份2017年的ROIC 为-34.23%，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3份，亏损年份3次，显示生意模式比较脆弱。 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36.82%、近3年经营性现金流均值/流动负债仅 为-29.93%） 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） 据证券之星公开数据整理，近期嘉和美康（688246）发布2025年中报。截至本报告期末，公司营业总收 入2.19亿元，同比下降27.22%，归母净利润-1.16亿元，同比下降323.29%。按单季度数据看，第二季度 营业总收入1.17亿元，同比下降33.97%，第二季度归母净利润-9885.51万元，同比下降532.81%。本报告 期嘉和美康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8 ...

据证券之星公开数据整理，近期亚华电子（301337）发布2025年中报。截至本报告期末，公司营业总收 入1.03亿元，同比上升13.71%，归母净利润-472.06万元，同比上升62.83%。按单季度数据看，第二季度 营业总收入6292.77万元，同比上升5.39%，第二季度归母净利润122.1万元，同比上升127.45%。本报告 期亚华电子盈利能力上升，毛利率同比增幅0.54%，净利率同比增幅59.88%。 业务评价：去年的净利率为-12.57%，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23.78%，投资回报也很好，其中最惨年份2024年的ROIC 为-3.32%，投资回报极差。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。），公司上市来已有年报1份，亏损年份1次，需要仔细研究下有无特殊原因。 偿债能力：公司现金资产非常健康。 财报体检工具显示： 建议关注公司现金流状况（近3年经营性现金流均值/流动负债仅为-17.83%） 本次财报公布的各项数据指标表现尚佳。其中，毛利率40.78%，同比增0.54%，净利 ...

| 项目 | 2024年中报 | 2025年中报 | 同比增幅 | | --- | --- | --- | --- | | 营业总收入(元) | 15.9亿 | 17.01亿 | 7.00% | | 归母净利润(元) | 3.63亿 | 3.82亿 | 5.24% | | 扣非净利润(元) | 3.66亿 | 3.79亿 | 3.59% | | 货币资金(元) | 6.07亿 | 5.21亿 | -14.25% | | 应收账款(元) | 13.52亿 | 13.09亿 | -3.14% | | 有息负债 (元) | 60.29亿 | 53.14亿 | -11.86% | | 手利率 | 41.56% | 42.14% | 1.40% | | 净利率 | 22.34% | 22.76% | 1.86% | | 三费占营收比 | 13.69% | 12.89% | -5.83% | | 每股净资产 (元) | 15.12 | 15.91 | 5.25% | | 每股收益 (元) | 0.84 | 0.9 | 7.14% | | 每股经营性现金流(元) | 1.38 | 1.44 | 3.91% | 据证券之星公 ...

据证券之星公开数据整理，近期利安隆（300596）发布2025年中报。截至本报告期末，公司营业总收入 29.95亿元，同比上升6.21%，归母净利润2.41亿元，同比上升9.6%。按单季度数据看，第二季度营业总 收入15.14亿元，同比上升3.29%，第二季度归母净利润1.33亿元，同比上升18.04%。本报告期利安隆盈 利能力上升，毛利率同比增幅0.84%，净利率同比增幅1.67%。 本次财报公布的各项数据指标表现尚佳。其中，毛利率21.59%，同比增0.84%，净利率7.81%，同比增 1.67%，销售费用、管理费用、财务费用总计2.16亿元，三费占营收比7.22%，同比减3.88%，每股净资 产20.1元，同比增8.44%，每股经营性现金流-0.24元，同比减146.28%，每股收益1.05元，同比增9.61% | 利安隆 最新财务摘要 | | --- | | 项目 | 2024年中报 | 2025年中报 | 同比增幅 | | --- | --- | --- | --- | | 营业总收入(元) | 28.2亿 | 29.95 Z | 6.21% | | 归母净利润(元) | 2.2 Z | 2.41亿 ...

据证券之星公开数据整理，近期亚光股份(603282)发布2025年中报。截至本报告期末，公司营业总收入 3.45亿元，同比上升15.08%，归母净利润4129.25万元，同比下降4.57%。按单季度数据看，第二季度营 业总收入1.66亿元，同比上升98.43%，第二季度归母净利润1477.61万元，同比上升3596.54%。本报告 期亚光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208.96%。 本次财报公布的各项数据指标表现一般。其中，毛利率28.08%，同比减20.37%，净利率12.1%，同比减 15.12%，销售费用、管理费用、财务费用总计3408.05万元，三费占营收比9.89%，同比减18.46%，每股 净资产9.44元，同比增4.33%，每股经营性现金流0.37元，同比增106.93%，每股收益0.31元，同比减 3.12% | 项目 | 2024年中报 | 2025年中报 | 同比增幅 | | --- | --- | --- | --- | | 营业总收入(元) | 2.99亿 | 3.45亿 | 15.08% | | 归母净利润(元) | 4327.2万 | 4129.2 ...

Core Viewpoint - The recent financial report of Lianhua Technology (002250) shows significant growth in revenue and net profit, indicating a strong performance despite rising accounts receivable [1] Financial Performance - Total revenue for the first half of 2025 reached 3.15 billion yuan, a year-on-year increase of 5.76% [1] - Net profit attributable to shareholders was 224 million yuan, up 1481.94% year-on-year [1] - In Q2 2025, total revenue was 1.64 billion yuan, reflecting an 8.43% increase compared to the same quarter last year [1] - Q2 net profit attributable to shareholders was 174 million yuan, a rise of 1419.69% year-on-year [1] - Gross margin improved to 26.72%, up 15.38% year-on-year, while net margin increased to 8.36%, a rise of 476.96% [1] - Total expenses (selling, administrative, and financial) amounted to 345 million yuan, accounting for 10.95% of revenue, down 18.82% year-on-year [1] Balance Sheet and Cash Flow - Accounts receivable increased by 36.07% year-on-year, reaching 1.641 billion yuan [1] - Cash and cash equivalents decreased by 14.83% to 911 million yuan [1] - The company reported a decrease in operating cash flow per share to 0.39 yuan, down 46.73% year-on-year [1] - The net asset per share increased to 7.21 yuan, a rise of 4.51% year-on-year [1] Business Model and Market Position - The company relies heavily on research and development for its performance, indicating a need for further analysis of the underlying drivers [3] - The historical return on invested capital (ROIC) has been low, with a median of 3.69% over the past decade, and a particularly poor performance in 2023 with a ROIC of -3.2% [3] - The company has been actively working on global supply chain strategies, including acquisitions and establishing bases in the UK and Malaysia to enhance service capabilities [4]

据证券之星公开数据整理，近期华统股份（002840）发布2025年中报。截至本报告期末，公司营业总收 入42.44亿元，同比上升1.89%，归母净利润7617.31万元，同比上升163.98%。按单季度数据看，第二季 度营业总收入21.65亿元，同比下降0.19%，第二季度归母净利润4196.89万元，同比上升9.75%。本报告 期华统股份应收账款上升，应收账款同比增幅达104.8%。 本次财报公布的各项数据指标表现尚佳。其中，毛利率7.27%，同比增110.7%，净利率1.91%，同比增 163.5%，销售费用、管理费用、财务费用总计2.27亿元，三费占营收比5.35%，同比减17.78%，每股净 资产5.02元，同比增56.95%，每股经营性现金流0.55元，同比增259.67%，每股收益0.11元，同比增 155.0% | 项目 | 2024年中报 | 2025年中报 | 同比增幅 | | --- | --- | --- | --- | | 营业总收入(元) | 41.65 乙 | 42.44 Z | 1.89% | | 归母浄利润（元） | -1.19亿 | 7617.31万 | 163.98% | ...