Core Viewpoint - The recent financial report of Tuoshan Heavy Industry (001226) shows a year-on-year increase in total revenue and net profit, but a decline in quarterly net profit, indicating mixed performance in the company's financial health [1]. Financial Performance - Total revenue for the first half of 2025 reached 324 million yuan, a year-on-year increase of 10.42% [1]. - Net profit attributable to shareholders was 12.43 million yuan, up 2.56% year-on-year [1]. - In Q2 2025, total revenue was 147 million yuan, a slight increase of 0.52% year-on-year, while net profit dropped by 35.06% to 4.32 million yuan [1]. - The gross profit margin improved to 12.08%, an increase of 4.29% year-on-year, while the net profit margin decreased to 3.83%, down 3.39% year-on-year [1]. - The total of selling, administrative, and financial expenses was 18.60 million yuan, accounting for 5.73% of revenue, an increase of 3.93% year-on-year [1]. Cash Flow and Debt Situation - The company reported a significant increase in operating cash flow per share to 0.74 yuan, up 950.39% year-on-year [1]. - The accounts receivable balance was 277 million yuan, a decrease of 14.06% year-on-year, but accounts receivable represented 1367.25% of net profit, indicating a high level of receivables relative to profit [1][2]. - The company’s interest-bearing debt rose to 248 million yuan, a 49.27% increase year-on-year, with a debt-to-asset ratio of 21.82% [1][2]. Business Model and Operational Efficiency - The company relies heavily on research and development for its business performance, necessitating a closer examination of the underlying drivers of this approach [2]. - The return on invested capital (ROIC) for the previous year was 2.39%, indicating weak capital returns, with a historical median ROIC of 21.96% since its listing [1][2]. - The company has experienced one loss year since its listing, suggesting the need for further investigation into the reasons behind this performance [1].

据证券之星公开数据整理，近期精达股份（600577）发布2025年中报。截至本报告期末，公司营业总收 入118.56亿元，同比上升14.28%，归母净利润3.06亿元，同比上升6.03%。按单季度数据看，第二季度 营业总收入63.28亿元，同比上升8.29%，第二季度归母净利润1.81亿元，同比上升0.71%。本报告期精 达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775.59%。 本次财报公布的各项数据指标表现尚佳。其中，毛利率5.84%，同比减10.77%，净利率2.69%，同比减 5.73%，销售费用、管理费用、财务费用总计2.04亿元，三费占营收比1.72%，同比减11.99%，每股净资 产2.75元，同比增9.61%，每股经营性现金流0.46元，同比增188.51%，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) | 103.74亿 | 118.56亿 | 14.28% | | 归母净利润(元) | 2.89亿 | 3.06亿 | 6.03% | | 扣非净利润(元) ...

Core Insights - Tongyi Co., Ltd. reported a year-on-year increase in both revenue and net profit for the first half of 2025, with total revenue reaching 1.547 billion yuan, up 13.67%, and net profit attributable to shareholders at 5.625 million yuan, up 12.46% [1] Financial Performance - The second quarter of 2025 saw total revenue of 822 million yuan, reflecting a 2.25% year-on-year increase, while net profit for the same period was 2.3946 million yuan, marking a significant 54.06% increase year-on-year [1] - Gross margin stood at 5.63%, down 4.39% year-on-year, and net margin remained at 0.4%, a decrease of 0.99% year-on-year [1] - Total expenses (selling, administrative, and financial) amounted to 67.6358 million yuan, accounting for 4.37% of revenue, which is a decrease of 1.1% year-on-year [1] - Earnings per share (EPS) was 0.03 yuan, reflecting a 3.67% increase year-on-year, while operating cash flow per share improved significantly to 0.15 yuan, up 148.85% year-on-year [1] Balance Sheet Highlights - Cash and cash equivalents decreased by 30.27% year-on-year to 251 million yuan, while accounts receivable slightly decreased by 1.07% to 523 million yuan [1] - Interest-bearing liabilities decreased by 16.67% year-on-year to 654 million yuan, indicating improved debt management [1] - The company's net asset value per share was 5.29 yuan, down 9.78% year-on-year [1] Business Evaluation - The company's historical return on invested capital (ROIC) has been relatively low, with a median ROIC of 8.2% since its listing, and a particularly poor ROIC of -4.4% in 2024 [3] - The company has experienced two years of losses since its IPO, indicating a fragile business model [3] Cash Flow and Debt Analysis - The cash flow situation is concerning, with cash and cash equivalents to current liabilities ratio at 39.42%, and the average operating cash flow to current liabilities ratio over the past three years at 18.85% [4] - The interest-bearing debt ratio has reached 29.06%, suggesting a need for careful monitoring of the company's debt levels [4]

所得税费用变动幅度为90.94%,原因:本期利润总额增加影响。 经营活动产生的现金流量净额变动幅度为-254.56%,原因:本期销售商品、提供劳务收到的现金减少同时 购买商品、接受劳务支付的现金增加。 据证券之星公开数据整理，近期金春股份（300877）发布2025年中报。截至本报告期末，公司营业总收 入5.22亿元，同比上升3.77%，归母净利润1542.02万元，同比上升790.16%。按单季度数据看，第二季 度营业总收入2.68亿元，同比上升6.54%，第二季度归母净利润1192.69万元，同比上升85.5%。本报告 期金春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344.58%。 本次财报公布的各项数据指标表现尚佳。其中，毛利率8.74%，同比减2.17%，净利率2.93%，同比增 772.61%，销售费用、管理费用、财务费用总计1676.75万元，三费占营收比3.21%，同比减0.44%，每股 净资产13.18元，同比增1.46%，每股经营性现金流-0.81元，同比减254.56%，每股收益0.13元，同比增 1200.0% | 项目 | 2024年中报 | 2025年中报 | ...

据证券之星公开数据整理，近期钱江生化（600796）发布2025年中报。截至本报告期末，公司营业总收 入7.8亿元，同比下降9.64%，归母净利润1.07亿元，同比上升30.24%。按单季度数据看，第二季度营业 总收入4.02亿元，同比下降17.8%，第二季度归母净利润7661.54万元，同比上升43.28%。本报告期钱江 生化盈利能力上升，毛利率同比增幅11.01%，净利率同比增幅69.58%。 本次财报公布的各项数据指标表现一般。其中，毛利率25.96%，同比增11.01%，净利率12.9%，同比增 69.58%，销售费用、管理费用、财务费用总计9625.09万元，三费占营收比12.35%，同比减5.17%，每股 净资产3.9元，同比增5.82%，每股经营性现金流0.12元，同比增1298.31%，每股收益0.12元，同比增 33.33% | 项目 | 2024年中报 | 2025年中报 | 同比增幅 | | --- | --- | --- | --- | | 营业总收入(元) | 8.63亿 | 7.8 Z | -9.64% | | 归母净利润(元) | 8225.13万 | 1.07亿 | 30.24 ...

Core Insights - The company reported a total revenue of 1.091 billion yuan for the first half of 2025, representing a year-on-year increase of 23.75% [1] - The net profit attributable to shareholders was -60.3043 million yuan, showing a year-on-year improvement of 26.63% [1] - The second quarter revenue reached 723 million yuan, up 14.6% year-on-year, with a net profit of 1.0575 million yuan, a significant increase of 204.0% [1] Financial Performance - The gross margin was 24.45%, a slight decrease of 0.49% compared to the previous year [1] - The net margin improved to -4.59%, an increase of 44.96% year-on-year [1] - Total operating expenses (sales, management, and financial expenses) amounted to 214 million yuan, accounting for 19.66% of revenue, down 16.47% year-on-year [1] Cash Flow and Debt - The net cash flow from investment activities decreased by 186.99% due to increased payments for investment products [2] - The net cash flow from financing activities increased by 42.12% as a result of reduced loan repayments [2] - The company's cash flow situation is concerning, with cash and cash equivalents to current liabilities at only 97.7% [4] Accounts Receivable - The accounts receivable reached 1.367 billion yuan, with a ratio to net profit of 4326.73%, indicating a significant collection issue [1][5] Return on Investment - The company's return on invested capital (ROIC) was 3.14%, indicating weak capital returns, with a historical median ROIC of 3.58% over the past decade [3] - The net profit margin was recorded at 2.7%, suggesting low added value in products or services [3]

偿债能力：公司现金资产非常健康。 据证券之星公开数据整理，近期中新赛克（002912）发布2025年中报。截至本报告期末，公司营业总收 入2.26亿元，同比上升34.93%，归母净利润-6714.58万元，同比上升28.89%。按单季度数据看，第二季 度营业总收入1.42亿元，同比上升72.44%，第二季度归母净利润-2756.59万元，同比上升51.01%。本报 告期中新赛克盈利能力上升，毛利率同比增幅3.3%，净利率同比增幅47.29%。 本次财报公布的各项数据指标表现尚佳。其中，毛利率70.02%，同比增7.07%，净利率-29.72%，同比 增47.29%，销售费用、管理费用、财务费用总计1.2亿元，三费占营收比52.99%，同比减7.68%，每股净 资产9.26元，同比增3.53%，每股经营性现金流0.52元，同比减6.13%，每股收益-0.39元，同比增29.09% | 项目 | 2024年中报 | 2025年中报 | 同比增幅 | | --- | --- | --- | --- | | 营业总收入(元) | 1.67亿 | 2.26 Z | 34.93% | | 归母净利润(元) | -9441 ...

据证券之星公开数据整理，近期美晨科技（300237）发布2025年中报。截至本报告期末，公司营业总收 入8.63亿元，同比上升1.41%，归母净利润-9168.07万元，同比上升52.18%。按单季度数据看，第二季度 营业总收入4.58亿元，同比上升9.17%，第二季度归母净利润-4328.84万元，同比上升56.24%。本报告期 美晨科技短期债务压力上升，流动比率达0.94。 本次财报公布的各项数据指标表现尚佳。其中，毛利率10.22%，同比增182.76%，净利率-11.53%，同 比增49.64%，销售费用、管理费用、财务费用总计1.39亿元，三费占营收比16.14%，同比减47.48%，每 股净资产0.01元，同比减92.7%，每股经营性现金流0.02元，同比减43.91%，每股收益-0.06元，同比增 53.85% | 项目 | 2024年中报 | 2025年中报 | 同比增幅 | | --- | --- | --- | --- | | 营业总收入(元) | 8.51亿 | 8.63亿 | - 1.41% | | 归母浄利润（元） | -1.92亿 | -9168.07万 | 52.18% | | ...

据证券之星公开数据整理，近期华谊集团(600623)发布2025年中报。截至本报告期末，公司营业总收入 241.92亿元，同比下降2.66%，归母净利润4.88亿元，同比上升1.5%。按单季度数据看，第二季度营业 总收入137.44亿元，同比下降2.8%，第二季度归母净利润3.46亿元，同比上升2.7%。本报告期华谊集团 应收账款上升，应收账款同比增幅达43.01%。 本次财报公布的各项数据指标表现一般。其中，毛利率7.82%，同比减14.98%，净利率2.17%，同比减 29.21%，销售费用、管理费用、财务费用总计10.19亿元，三费占营收比4.21%，同比增0.81%，每股净 资产10.48元，同比减0.26%，每股经营性现金流0.48元，同比减47.52%，每股收益0.23元 | 项目 | 2024年中报 | 2025年中报 | 同比增幅 | | --- | --- | --- | --- | | 营业总收入(元) | 248.52亿 | 241.92亿 | -2.66% | | 归母净利润(元) | 4.81亿 | 4.88 亿 | 1.50% | | 扣非净利润(元) | 3.89亿 | 4.03 ...

据证券之星公开数据整理，近期新柴股份（301032）发布2025年中报。截至本报告期末，公司营业总收 入13.03亿元，同比上升3.51%，归母净利润3938.41万元，同比上升7.26%。按单季度数据看，第二季度 营业总收入5.69亿元，同比上升4.47%，第二季度归母净利润2411.94万元，同比上升0.82%。本报告期 新柴股份盈利能力上升，毛利率同比增幅5.15%，净利率同比增幅3.74%。 应收款项变动幅度为176.9%,原因:公司对下游客户年度合同内的信用支付政策影响。 应收款项融资变动幅度为-45.86%,原因:银行承兑汇票减少。 财务费用变动幅度为38.71%,原因:本期利息收入减少。 所得税费用变动幅度为87.44%,原因:本期利润总额增加。 经营活动产生的现金流量净额变动幅度为437.77%,原因:本期销售商品收到的现金增加，购买商品支付 的现金减少。 本次财报公布的各项数据指标表现尚佳。其中，毛利率10.2%，同比增5.15%，净利率2.92%，同比增 3.74%，销售费用、管理费用、财务费用总计3885.05万元，三费占营收比2.98%，同比增4.88%，每股净 资产4.92元，同比增 ...