| 项目 | 2024年中报 | 2025年中报 | 同比增幅 | | --- | --- | --- | --- | | 营业总收入(元) | 48.3亿 | 41.55 亿 | -13.99% | | 归母浄利润（元） | 14.37 乙 | 11.88 Z | -17.37% | | 扣非净利润(元) | 14.42 Z | 26.11 | -17.51% | | 货币资金(元) | 14.18亿 | 12.5亿 | -11.86% | | 应收账款(元) | 23.41亿 | 23.58亿 | 0.71% | | 有息负债(元) | 222.94亿 | 226.39亿 | 1.55% | | 毛利率 | 48.95% | 49.43% | 0.98% | | 净利率 | 34.00% | 32.84% | -3.39% | | 三费占营收比 | | | | | 每股净资产 (元) | 2.18 | 2.23 | 1.94% | | 每股收益(元) | 0.18 | 0.15 | -16.67% | | 每股经营性现金流(元) | 0.37 | 0.37 | 0.88% | 财务报表中对有大幅变动的财务 ...

Core Viewpoint - The recent financial report of HeRen Technology (300550) shows a slight decline in total revenue but a significant improvement in net profit, indicating potential recovery despite challenges in accounts receivable and cash flow management [1][2]. Financial Performance - Total revenue for the first half of 2025 was 159 million yuan, a decrease of 0.99% year-on-year [1]. - The net profit attributable to shareholders was -3.52 million yuan, an increase of 75.44% year-on-year [1]. - In Q2 2025, total revenue reached 80.48 million yuan, up 16.11% year-on-year, with a net profit of 0.32 million yuan, up 102.35% year-on-year [1]. - Gross margin improved to 43.41%, a year-on-year increase of 45.48% [1]. - Net margin was -2.32%, showing a year-on-year improvement of 74.47% [1]. Accounts Receivable and Cash Flow - Accounts receivable increased by 32.6% year-on-year, raising concerns about cash flow management [1]. - Operating cash flow per share was -0.25 yuan, an improvement of 32.5% year-on-year [1][2]. - The company’s cash flow from operating activities showed a net increase due to improved sales collections [2]. Investment and R&D - R&D expenses increased by 34.27%, indicating a commitment to innovation despite financial challenges [2]. - The company’s return on invested capital (ROIC) was 2.71%, reflecting weak capital returns historically [2]. Debt and Financial Health - The company’s interest-bearing debt decreased by 45% to 70.19 million yuan, indicating improved debt management [1]. - The cash assets of the company are considered very healthy, suggesting a strong liquidity position [3]. Business Model and Market Position - The company relies heavily on R&D for its business model, necessitating a deeper analysis of the underlying drivers of this approach [3]. - Historical performance shows a median ROIC of 6.39%, with two years of losses since its IPO, indicating a fragile business model [2].

本次财报公布的各项数据指标表现一般。其中，毛利率19.58%，同比增17.41%，净利率6.19%，同比增 12.02%，销售费用、管理费用、财务费用总计5739.72万元，三费占营收比8.98%，同比增52.36%，每股 净资产2.34元，同比增6.06%，每股经营性现金流-0.1元，同比增35.93%，每股收益0.11元，同比减 18.98% | 项目 | 2024年中报 | 2025年中报 | 同比增幅 | | --- | --- | --- | --- | | 营业总收入(元) | 8.49 Z | 6.39亿 | -24.71% | | 归母净利润(元) | 4593.04万 | 3721.29万 | -18.98% | | 扣非净利润(元) | 4469.64万 | 3577.71万 | -19.96% | | 货币资金(元) | 4.43亿 | 3.75亿 | -15.27% | | 应收账款(元) | 6.4亿 | 5.34亿 | -16.48% | | 有息负债(元) | 1520.85万 | 5072.1万 | 233.50% | | 手利率 | 16.68% | 19.58% | 17. ...

Core Viewpoint - The financial performance of Toris (300229) for the first half of 2025 shows significant declines in revenue and profit, indicating challenges in market demand and operational efficiency [1][3]. Financial Performance Summary - Total revenue for the first half of 2025 was 245 million yuan, a decrease of 38.36% compared to 397 million yuan in the same period of 2024 [1]. - The net profit attributable to shareholders was -73.63 million yuan, down 223.11% from a profit of 59.81 million yuan in the previous year [1]. - The gross margin decreased to 62.95%, down 10.43% year-on-year, while the net margin fell to -30.72%, a decline of 311.37% [1]. - The total of selling, administrative, and financial expenses reached 180 million yuan, accounting for 73.63% of total revenue, an increase of 75.03% year-on-year [1]. Cash Flow and Investment Insights - The net cash flow from operating activities increased by 895.24%, attributed to cost reduction and decreased procurement expenses [3]. - The net cash flow from investing activities rose by 26.95%, due to the previous period's convertible bond settlement used for purchasing financial products [3]. - The net increase in cash and cash equivalents was up by 77.45%, driven by reduced operating and procurement expenses [3]. Market Expectations - Analysts project a performance of 36 million yuan for 2025, with an average earnings per share of 0.04 yuan [4]. Fund Holdings - The largest fund holding Toris shares is the Huaxia Panli One-Year Open Mixed A Fund, with 1.3229 million shares held, remaining unchanged [5]. - Other funds have shown varying levels of engagement, with some reducing their holdings while new funds have entered the top ten [5].

Core Viewpoint - The recent financial report of Hangzhou Gearbox (杭齿前进) shows positive growth in revenue and net profit for the first half of 2025, indicating a stable financial performance despite challenges in cash flow and accounts receivable management [1][5]. Financial Performance Summary - Total revenue for the first half of 2025 reached 1.073 billion yuan, a year-on-year increase of 6.79% compared to 1.005 billion yuan in the same period of 2024 [1]. - Net profit attributable to shareholders was 127 million yuan, up 11.1% from 115 million yuan in the previous year [1]. - The gross profit margin improved to 19.9%, an increase of 1.3% year-on-year, while the net profit margin rose to 12.24%, up 5.58% [1]. - The company reported a significant increase in operating cash flow per share, which reached 0.14 yuan, a remarkable rise of 473.22% compared to a negative cash flow of 0.04 yuan in the previous year [1]. Key Financial Metrics - Accounts receivable increased by 21.78% to 667.1 million yuan, raising concerns as it accounted for 277.07% of net profit [1][5]. - Total liabilities decreased by 8.71% to 1.006 billion yuan, indicating improved debt management [1]. - The total of selling, administrative, and financial expenses was 118 million yuan, which is 11.03% of revenue, down 4.46% year-on-year [1]. Changes in Financial Items - Short-term borrowings increased by 30.17% due to adjustments in the financing structure [2]. - The company saw a significant rise in trading financial assets by 402.44%, attributed to increased investment in financial products [2]. - Long-term prepaid expenses rose by 32.84%, reflecting higher insurance costs for wind power products [2]. Operational Insights - Revenue growth was driven by increased sales of marine gearboxes and construction machinery gearboxes [3]. - Management expenses decreased by 2.03% due to better control of internal costs [3]. - Research and development expenses increased by 17.81%, indicating a commitment to innovation [3]. Cash Flow and Financial Health - The company’s cash flow situation is concerning, with cash and cash equivalents accounting for only 7.08% of total assets and 42.14% of current liabilities [5]. - Financial expenses have reached 60.04% of the average operating cash flow over the past three years, suggesting potential financial strain [5].

Core Viewpoint - Tianji Co., Ltd. (002759) reported a significant increase in revenue and a reduction in net loss for the first half of 2025, indicating improved operational performance despite ongoing challenges in profitability [1] Financial Performance - Total revenue reached 1.068 billion yuan, a year-on-year increase of 19.16% [1] - Net profit attributable to shareholders was -52.36 million yuan, showing a 59.00% improvement compared to the previous year [1] - Gross margin increased to 9.16%, up 438.28% year-on-year, while net margin improved to -5.01%, a 73.21% increase [1] - Total expenses (selling, administrative, and financial) amounted to 89.54 million yuan, accounting for 8.39% of revenue, down 19.94% year-on-year [1] Cash Flow and Assets - Cash flow from operating activities improved, with a per-share operating cash flow of -0.26 yuan, a 52.57% increase year-on-year [1] - The company’s cash and cash equivalents decreased by 13.16% to 878 million yuan due to payments for construction and inventory [3] - Accounts receivable rose by 36.11% to 489 million yuan, indicating increased sales [3] Cost and Expenses - Operating costs increased by 5.39%, driven by higher sales of lithium hexafluorophosphate and sodium hypophosphite [4] - Selling expenses decreased by 30.84% due to cost control measures [4] - Research and development expenses rose by 31.17%, reflecting increased investment in innovation [4] Business Model and Investment Considerations - The company’s performance is heavily reliant on capital expenditures, necessitating careful evaluation of the profitability of these investments [5] - Historical return on invested capital (ROIC) has been average, with a median of 7.8% since listing, indicating potential concerns regarding business sustainability [4][5]

据证券之星公开数据整理，近期聚力文化（002247）发布2025年中报。截至本报告期末，公司营业总收 入3.65亿元，同比下降12.23%，归母净利润2365.37万元，同比下降89.34%。按单季度数据看，第二季 度营业总收入2.07亿元，同比下降8.61%，第二季度归母净利润1912.61万元，同比下降91.64%。本报告 期聚力文化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81.43%。 本次财报公布的各项数据指标表现一般。其中，毛利率21.86%，同比增5.06%，净利率6.22%，同比减 88.32%，销售费用、管理费用、财务费用总计4519.0万元，三费占营收比12.4%，同比增2.76%，每股净 资产0.76元，同比增3.16%，每股经营性现金流-0.01元，同比增70.27%，每股收益0.03元，同比减 89.34% | 项目 | 2024年中报 | 2025年中报 | 同比增幅 | | --- | --- | --- | --- | | 营业总收入(元) | 4.15 乙 | 3.65亿 | -12.23% | | 归母净利润(元) | 2.22 乙 | 2365.37万 | ...

据证券之星公开数据整理，近期空港股份（600463）发布2025年中报。根据财报显示，空港股份营收上 升亏损收窄。截至本报告期末，公司营业总收入2.6亿元，同比上升0.5%，归母净利润-5234.55万元，同 比上升1.7%。按单季度数据看，第二季度营业总收入1.07亿元，同比上升11.8%，第二季度归母净利 润-5609.99万元，同比下降18.93%。 本次财报公布的各项数据指标表现一般。其中，毛利率21.98%，同比增3.53%，净利率-26.52%，同比 减3.41%，销售费用、管理费用、财务费用总计6925.53万元，三费占营收比26.68%，同比减12.48%，每 股净资产3.1元，同比减10.0%，每股经营性现金流-0.3元，同比减448.46%，每股收益-0.17元，同比增 5.56% | 项目 | 2024年中报 | 2025年中报 | 同比增幅 | | --- | --- | --- | --- | | 营业总收入(元) | 2.58亿 | 2.6亿 | 0.50% | | 归母净利润(元) | -5324.91万 | -5234.55万 | 1.70% | | 扣非净利润(元) | -5 ...

Core Viewpoint - Yunda Technology (300440) reported a strong performance in its 2025 mid-year financial results, with significant year-on-year growth in revenue and net profit, although there are concerns regarding high accounts receivable levels and declining gross margin [1][2]. Financial Performance Summary - Total revenue for the first half of 2025 reached 289 million yuan, an increase of 23.65% compared to 233 million yuan in the same period of 2024 [1]. - Net profit attributable to shareholders was 16.47 million yuan, up 13.65% from 14.49 million yuan in the previous year [1]. - The gross margin decreased to 40.98%, down 14.48% year-on-year, while the net margin improved slightly to 6.07%, an increase of 1.56% [1]. - The total of selling, administrative, and financial expenses was 86.35 million yuan, accounting for 29.91% of revenue, a decrease of 12.31% from the previous year [1]. - Earnings per share rose to 0.04 yuan, reflecting a 13.43% increase from 0.03 yuan [1]. Cash Flow and Financial Ratios - The company reported a significant increase in financial expenses by 37.96%, attributed to higher interest costs [2]. - The net cash flow from operating activities increased by 40.57%, due to a reduction in cash outflows [2]. - The cash and cash equivalents net increase was 37.69%, driven by improved cash flow from financing activities [2]. - The return on invested capital (ROIC) for the previous year was 2.95%, indicating a relatively weak capital return [2][3]. Accounts Receivable and Financial Health - Accounts receivable amounted to 934 million yuan, a decrease of 4.39% from 976 million yuan, but the ratio of accounts receivable to net profit reached an alarming 1912.75% [1][3]. - The company's cash position is concerning, with cash and cash equivalents covering only 98.62% of current liabilities [3].

证券之星消息，广田集团2025年中报显示，公司主营收入5.38亿元，同比上升223.89%；归母净利 润-7111.27万元，同比上升40.36%；扣非净利润-7256.9万元，同比上升38.53%；其中2025年第二季度， 公司单季度主营收入3.41亿元，同比上升267.65%；单季度归母净利润-3015.19万元，同比上升49.14%； 单季度扣非净利润-3159.05万元，同比上升46.58%；负债率80.09%，投资收益-0.01万元，财务费用 1032.18万元，毛利率5.56%。 财务健康 经营效率 安全边际 估值倍数 相对成长性 未来回报率 股高污 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(万) -7111.27 同比 +40.35% 单季度归母净利润-第二季度(万) -3015.19 目比 +49.13% -3015.19 -5928.21 -7111.26 -11922.71 44728.93 -58962 2623 2024 2025 ■ 单季度归母净利润-第二季度(万) ■ ...