Core Insights - The company reported a slight increase in total revenue for the first half of 2025, reaching 1.459 billion yuan, a year-on-year growth of 0.07% [1] - The net profit attributable to shareholders increased significantly by 24.18% to 106 million yuan [1] - The company's profitability improved, with a gross margin increase of 2.66% and a net margin increase of 23.87% [1] Financial Performance - Total revenue for Q2 2025 was 673 million yuan, a decrease of 4.22% year-on-year [1] - Q2 net profit attributable to shareholders was 61.18 million yuan, up 52.36% year-on-year [1] - The gross margin for the reporting period was 33.79%, an increase of 3.21% year-on-year, while the net margin was 7.19%, up 23.87% [1] Expense Analysis - Total selling, administrative, and financial expenses amounted to 255 million yuan, accounting for 17.5% of revenue, an increase of 9.37% year-on-year [1] - The company’s cash flow per share decreased by 41.65% to 0.2 yuan [1] Balance Sheet Highlights - Cash and cash equivalents decreased by 15.61% to 1.791 billion yuan [1] - Accounts receivable decreased by 10.18% to 476 million yuan [1] - Interest-bearing debt increased by 25.21% to 752 million yuan [1] Operational Insights - The company’s return on invested capital (ROIC) was 3.92%, indicating weak capital returns [4] - The historical median ROIC since listing is 9.9%, with the worst year being 2022 at 0.63% [4] - The company relies heavily on research and marketing for its performance, necessitating a deeper analysis of these drivers [4] Cash Flow Dynamics - Net cash flow from operating activities decreased by 42.55% due to the completion of a construction project and the return of a guarantee deposit [3] - Financing activities saw a significant increase in cash flow, up 126.71%, attributed to increased bank loans and reduced equity distribution [3]

Core Viewpoint - The financial performance of Beichen Real Estate (601588) for the first half of 2025 shows significant declines in revenue and profit, indicating ongoing challenges in its business model and operational efficiency [1][4]. Financial Performance Summary - Total revenue for the first half of 2025 was 3.019 billion yuan, a decrease of 11.97% compared to the previous year [1]. - Net profit attributable to shareholders was -1.585 billion yuan, down 114.73% year-on-year [1]. - In Q2 2025, total revenue was 1.824 billion yuan, an increase of 6.88% year-on-year, but net profit was still negative at -1.29 billion yuan, a decline of 128.58% [1]. - The gross margin was 25.52%, down 11.65% year-on-year, while the net margin was -56.44%, a decrease of 128.08% [1]. - The total of selling, administrative, and financial expenses reached 1.046 billion yuan, accounting for 34.63% of total revenue, an increase of 34.68% year-on-year [1]. Key Financial Metrics - Earnings per share were -0.47 yuan, a decrease of 113.64% year-on-year [1]. - The net asset value per share was 2.41 yuan, down 31.12% year-on-year [1]. - Operating cash flow per share was 0.12 yuan, an increase of 172.07% year-on-year [1]. Changes in Financial Items - Long-term equity investments increased by 32.21% due to new investments [3]. - Construction in progress decreased by 95.46% as projects were completed and transferred to fixed assets [3]. - Operating income decreased by 11.97% due to reduced revenue from the real estate development segment [3]. - Sales expenses increased by 19.91% due to higher service fees [3]. - Financial expenses rose by 34.98% due to a decrease in capitalizable interest [3]. Business Evaluation - The company's historical return on invested capital (ROIC) has been weak, with a median of 2.26% over the past decade and a particularly poor ROIC of -6.96% in 2024 [4]. - The business model relies heavily on marketing-driven performance, which requires careful examination of underlying drivers [4]. Cash Flow and Debt Analysis - The company's cash assets are considered healthy, but the cash flow situation warrants attention, with cash assets to current liabilities at 59.64% [4]. - The interest-bearing debt ratio has reached 54.62%, indicating potential concerns regarding debt management [5].

据证券之星公开数据整理，近期宣泰医药（688247）发布2025年中报。根据财报显示，宣泰医药增收不 增利。截至本报告期末，公司营业总收入2.2亿元，同比上升0.74%，归母净利润4558.57万元，同比下 降15.82%。按单季度数据看，第二季度营业总收入1.11亿元，同比上升3.84%，第二季度归母净利润 2509.64万元，同比下降19.71%。 本次财报公布的各项数据指标表现一般。其中，毛利率41.23%，同比减15.76%，净利率20.76%，同比 减16.44%，销售费用、管理费用、财务费用总计2160.48万元，三费占营收比9.84%，同比增18.16%，每 股净资产2.87元，同比增7.46%，每股经营性现金流0.11元，同比减24.1%，每股收益0.1元，同比减 16.67% | 项目 | 2024年中报 | 2025年中报 | 同比增幅 | | --- | --- | --- | --- | | 营业总收入(元) | 2.18亿 | 2.2亿 | 0.74% | | 归母净利润(元) | 5415.33万 | 4558.57万 | -15.82% | | 扣非净利润(元) | 4879.3 ...

据证券之星公开数据整理，近期嘉澳环保(603822)发布2025年中报。截至本报告期末，公司营业总收入 12.98亿元，同比上升71.0%，归母净利润-7823.47万元，同比下降4.73%。按单季度数据看，第二季度营 业总收入8.31亿元，同比上升220.66%，第二季度归母净利润-3119.56万元，同比上升25.82%。本报告期 嘉澳环保存货明显上升，存货同比增幅达180.22%。 本次财报公布的各项数据指标表现一般。其中，毛利率2.57%，同比增481.88%，净利率-5.29%，同比 增46.15%，销售费用、管理费用、财务费用总计1.06亿元，三费占营收比8.19%，同比减31.21%，每股 净资产5.15元，同比减58.91%，每股经营性现金流0.67元，同比减85.73%，每股收益-1.02元，同比减 5.17% | 项目 | 2024年中报 | 2025年中报 | 同比增幅 | | --- | --- | --- | --- | | 营业总收入(元) | 7.59亿 | 12.98 Z | 71.00% | | 归母净利润(元) | -7469.95万 | -7823.47万 | -4.73 ...

据证券之星公开数据整理，近期雄塑科技(300599)发布2025年中报。截至本报告期末，公司营业总收入 4.73亿元，同比下降4.37%，归母净利润-737.4万元，同比上升79.19%。按单季度数据看，第二季度营业 总收入2.54亿元，同比下降5.52%，第二季度归母净利润-732.71万元，同比上升58.9%。本报告期雄塑科 技盈利能力上升，毛利率同比增幅66.57%，净利率同比增幅78.24%。 | 项目 | 2024年中报 | 2025年中报 | 同比增幅 | | --- | --- | --- | --- | | 营业总收入(元) | 4.95 乙 | 4.73亿 | -4.37% 0 | | 归母浄利润（元） | -3544.13万 | -737.4万 | 79.19% | | 扣非净利润(元) | -4255.89万 | -1421.57万 | 66.60% | | 货币资金(元) | 5.93亿 | 4.3 乙 | -27.42% | | 应收账款(元) | 2.59亿 | 2.53亿 | -2.41% | | 有息负债 (元) | 7770.67万 | 5738.5万 | -26.15% | ...

据证券之星公开数据整理，近期洛阳钼业（603993）发布2025年中报。截至本报告期末，公司营业总收 入947.73亿元，同比下降7.83%，归母净利润86.71亿元，同比上升60.07%。按单季度数据看，第二季度 营业总收入487.67亿元，同比下降13.99%，第二季度归母净利润47.25亿元，同比上升41.24%。本报告 期洛阳钼业盈利能力上升，毛利率同比增幅15.1%，净利率同比增幅68.69%。 本次财报公布的各项数据指标表现一般。其中，毛利率21.15%，同比增15.1%，净利率10.39%，同比增 68.69%，销售费用、管理费用、财务费用总计21.66亿元，三费占营收比2.29%，同比减20.81%，每股净 资产3.39元，同比增19.9%，每股经营性现金流0.56元，同比增11.92%，每股收益0.41元，同比增64.0% 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76.63%） 分析师工具显示：证券研究员普遍预期2025年业绩在162.9亿元，每股收益均值在0.76元。 | 基金简称 | 基金代码 | 持有股数 | 持仓变动 | 数据来源 | | --- | --- ...

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56.17%、近3年经营性现金流均 值/流动负债仅为4.26%)建议关注公司债务状况(有息资产负债率已达22.36%、有息负债总额/近3年经营 性现金流均值已达30.88%)建议关注财务费用状况(财务费用/近3年经营性现金流均值已达313.33%)建议 关注公司应收账款状况(应收账款/利润已达194.7%) 据证券之星公开数据整理，近期新五丰(600975)发布2025年中报。截至本报告期末，公司营业总收入 36.88亿元，同比上升14.08%，归母净利润4523.44万元，同比上升118.32%。按单季度数据看，第二季 度营业总收入18.25亿元，同比上升1.2%，第二季度归母净利润2561.38万元，同比上升248.69%。本报 告期新五丰盈利能力上升，毛利率同比增幅1127.89%，净利率同比增幅121.19%。 本次财报公布的各项数据指标表现尚佳。其中，毛利率9.5%，同比增1127.89%，净利率1.57%，同比增 121.19%，销售费用、管理费用、财务费用总计2.15亿元，三费占营收比5.82%，同比减18.92%，每股净 资产2. ...

据证券之星公开数据整理，近期东百集团(600693)发布2025年中报。截至本报告期末，公司营业总收入 9.29亿元，同比上升0.11%，归母净利润7155.67万元，同比上升2.4%。按单季度数据看，第二季度营业 总收入4.37亿元，同比下降0.43%，第二季度归母净利润3196.66万元，同比下降0.75%。本报告期东百 集团短期债务压力上升，流动比率达0.56。 本次财报公布的各项数据指标表现尚佳。其中，毛利率57.49%，同比增0.5%，净利率13.36%，同比增 9.11%，销售费用、管理费用、财务费用总计3.33亿元，三费占营收比35.9%，同比增2.26%，每股净资 产4.09元，同比增0.21%，每股经营性现金流0.3元，同比增12.94%，每股收益0.08元，同比增2.49% | 项目 | 2024年中报 | 2025年中报 | 同比增幅 | | --- | --- | --- | --- | | 营业总收入(元) | 9.28 6 | 26556 | 0.11% | | 归母净利润(元) | 6987.84万 | 7155.67万 | 2.40% | | 扣非净利润(元) | 6291.2 ...

据证券之星公开数据整理，近期大名城（600094）发布2025年中报。根据财报显示，大名城增收不增 利。截至本报告期末，公司营业总收入15.89亿元，同比上升28.93%，归母净利润3340.07万元，同比下 降77.04%。按单季度数据看，第二季度营业总收入9.15亿元，同比上升3.2%，第二季度归母净利润 2952.86万元，同比下降84.12%。 本次财报公布的各项数据指标表现一般。其中，毛利率18.22%，同比减9.84%，净利率3.1%，同比减 73.67%，销售费用、管理费用、财务费用总计2.25亿元，三费占营收比14.16%，同比减26.08%，每股净 资产4.3元，同比减16.11%，每股经营性现金流0.06元，同比增152.0%，每股收益0.01元，同比减84.03% | 项目 | 2024年中报 | 2025年中报 | 同比增幅 | | --- | --- | --- | --- | | 营业总收入(元) | 12.32 Z | 15.89 Z | 28.93% | | 归母净利润(元) | 1.45 Z | 3340.07万 | -77.04% | | 扣非净利润(元) | 1.44亿 ...

据证券之星公开数据整理，近期帝奥微（688381）发布2025年中报。根据财报显示，帝奥微增收不增 利。截至本报告期末，公司营业总收入3.06亿元，同比上升15.11%，归母净利润-420.92万元，同比下降 115.73%。按单季度数据看，第二季度营业总收入1.53亿元，同比上升11.43%，第二季度归母净利 润-1660.46万元，同比下降255.09%。 本次财报公布的各项数据指标表现一般。其中，毛利率45.49%，同比减0.72%，净利率-1.38%，同比减 113.66%，销售费用、管理费用、财务费用总计5893.17万元，三费占营收比19.25%，同比增9.16%，每 股净资产10.56元，同比减7.9%，每股经营性现金流-0.07元，同比增41.37%，每股收益-0.02元，同比减 116.01% | 项目 | 2024年中报 | 2025年中报 | 同比增幅 | | --- | --- | --- | --- | | 营业总收入(元) | 2.66 Z | 3.06亿 | - 15.11% | | 归母净利润(元) | 2676.58万 | -420.92万 | -115.73% | | 扣非 ...