Core Viewpoint - The recent financial report of Surveying Co. (300826) indicates a mixed performance with a slight increase in total revenue but a significant decline in net profit, raising concerns about cash flow and receivables management [1][2]. Financial Performance - Total revenue for the first half of 2025 reached 224 million yuan, a year-on-year increase of 4.11% compared to 215 million yuan in 2024 [1]. - Net profit attributable to shareholders was 7.00 million yuan, down 23.01% from 9.09 million yuan in the previous year [1]. - The second quarter saw total revenue of 151 million yuan, up 29.88% year-on-year, but net profit dropped 37.45% to 2.17 million yuan [1]. - Gross margin improved slightly to 32.37%, an increase of 0.49% year-on-year, while net margin decreased to 3.41%, down 14.69% [1]. - Total operating expenses (selling, administrative, and financial) amounted to 51.29 million yuan, representing 22.93% of revenue, an increase of 6.56% year-on-year [1]. Cash Flow and Receivables - The company reported a significant increase in accounts receivable, which reached 624 million yuan, up 22.77% from 508 million yuan, with accounts receivable to net profit ratio at an alarming 5545.77% [1][4]. - Operating cash flow per share was -0.60 yuan, a decrease of 120.41% year-on-year, indicating cash flow challenges [1]. - The net cash flow from operating activities decreased by 132.45% due to reduced cash received from sales [2]. Investment Returns and Business Model - The company's return on invested capital (ROIC) was 1.25%, indicating weak capital returns, with a historical median ROIC of 11.93% since its listing [3]. - The business model relies heavily on research and marketing, necessitating a deeper analysis of the underlying drivers [4]. - The company has a healthy cash asset position, but attention is needed on cash flow and receivables management [4].

据证券之星公开数据整理，近期英力股份（300956）发布2025年中报。截至本报告期末，公司营业总收 入10.5亿元，同比上升39.62%，归母净利润627.73万元，同比上升23.06%。按单季度数据看，第二季度 营业总收入6.03亿元，同比上升55.13%，第二季度归母净利润312.89万元，同比上升110.84%。本报告 期英力股份应收账款上升，应收账款同比增幅达57.48%。 本次财报公布的各项数据指标表现一般。其中，毛利率12.11%，同比减11.39%，净利率0.54%，同比减 8.46%，销售费用、管理费用、财务费用总计5520.85万元，三费占营收比5.26%，同比减13.8%，每股净 资产6.36元，同比减8.21%，每股经营性现金流0.42元，同比减36.36%，每股收益0.03元，同比减25.0% | 项目 | 2024年中报 | 2025年中报 | 同比增幅 | | --- | --- | --- | --- | | 营业总收入(元) | 7.52亿 | 10.5亿 | 39.62% | | 归母净利润(元) | 510.1万 | 627.73万 | 23.06% | | 扣非净利润( ...

据证券之星公开数据整理，近期卧龙电驱（600580）发布2025年中报。截至本报告期末，公司营业总收 入80.31亿元，同比上升0.66%，归母净利润5.37亿元，同比上升36.76%。按单季度数据看，第二季度营 业总收入39.92亿元，同比下降5.78%，第二季度归母净利润2.69亿元，同比上升58.1%。本报告期卧龙 电驱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673.66%。 本次财报公布的各项数据指标表现尚佳。其中，毛利率25.49%，同比增0.48%，净利率6.82%，同比增 33.08%，销售费用、管理费用、财务费用总计10.69亿元，三费占营收比13.31%，同比减9.22%，每股净 资产6.7元，同比减10.47%，每股经营性现金流0.45元，同比增67.98%，每股收益0.35元，同比增40.0% | 项目 | 2024年中报 | 2025年中报 | 同比增幅 | | --- | --- | --- | --- | | 营业总收入(元) | 79.78亿 | 80.31亿 | 0.66% | | 归母净利润(元) | 3.93亿 | 5.37亿 | 36.76% | | 扣 ...

财务报表中对有大幅变动的财务项目的原因说明如下： 所得税费用变动幅度为-145.09%,原因:本报告期利润减少，计提的所得税费用减少。 经营活动产生的现金流量净额变动幅度为90.25%,原因:本报告期对比上年同期收到的货款大幅增加。 据证券之星公开数据整理，近期金银河（300619）发布2025年中报。截至本报告期末，公司营业总收入 6.6亿元，同比下降17.7%，归母净利润-4216.5万元，同比下降224.23%。按单季度数据看，第二季度营 业总收入5.12亿元，同比上升12.68%，第二季度归母净利润2392.56万元，同比上升1354.31%。本报告 期金银河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68.58%。 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17.68%，同比增1.74%，净利率-7.17%， 同比减214.12%，销售费用、管理费用、财务费用总计1.11亿元，三费占营收比16.81%，同比增 23.92%，每股净资产8.76元，同比减28.29%，每股经营性现金流-0.22元，同比增92.5%，每股收益-0.24 元，同比减224.36% | 项目 | 2 ...

据证券之星公开数据整理，近期*ST精伦（600355）发布2025年中报。根据财报显示，*ST精伦增收不 增利。截至本报告期末，公司营业总收入8266.29万元，同比上升23.45%，归母净利润-2044.44万元，同 比下降1.66%。按单季度数据看，第二季度营业总收入6370.11万元，同比上升70.45%，第二季度归母净 利润-1066.09万元，同比上升2.11%。 本次财报公布的各项数据指标表现一般。其中，毛利率15.75%，同比减32.0%，净利率-24.73%，同比 增17.65%，销售费用、管理费用、财务费用总计1627.71万元，三费占营收比19.69%，同比减22.97%， 每股净资产0.23元，同比减27.45%，每股经营性现金流-0.03元，同比减53.8%，每股收益-0.04元，同比 减2.44% | 项目 | 2024年中报 | 2025年中报 | 同比增幅 | | --- | --- | --- | --- | | 营业总收入(元) | 6695.94万 | 8266.29万 | 23.45% | | 归母净利润(元) | -2011.02万 | -2044.44万 | -1.6 ...

其他流动资产变动幅度为189.91%,原因:公司存货受损，理赔尚在处理中。 据证券之星公开数据整理，近期南侨食品（605339）发布2025年中报。截至本报告期末，公司营业总收 入15.55亿元，同比下降0.69%，归母净利润3596.08万元，同比下降72.0%。按单季度数据看，第二季度 营业总收入7.65亿元，同比下降3.24%，第二季度归母净利润699.76万元，同比下降86.49%。本报告期 南侨食品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88.32%。 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19.91%，同比减24.06%，净利率2.31%， 同比减71.82%，销售费用、管理费用、财务费用总计2.06亿元，三费占营收比13.25%，同比增2.68%， 每股净资产8.05元，同比增0.2%，每股经营性现金流0.08元，同比减84.66%，每股收益0.08元，同比减 73.33% | 项目 | 2024年中报 | 2025年中报 | 同比增幅 | | --- | --- | --- | --- | | 营业总收入(元) | 15.66亿 | 15.55亿 | -0.6 ...

Core Insights - The company Chengfa Environment (000885) reported a total revenue of 3.216 billion yuan for the first half of 2025, representing an 11.25% year-on-year increase, and a net profit attributable to shareholders of 589 million yuan, up 20.15% year-on-year [1] Financial Performance - Total revenue for Q2 2025 reached 1.68 billion yuan, a 9.53% increase year-on-year, while net profit for the same quarter was 316 million yuan, reflecting an 18.26% year-on-year growth [1] - The gross profit margin was 41.57%, down 3.7% year-on-year, while the net profit margin improved to 20.03%, an increase of 3.44% year-on-year [1] - The company’s total operating expenses (sales, management, and financial expenses) amounted to 476 million yuan, accounting for 14.79% of revenue, a decrease of 10.87% year-on-year [1] - Earnings per share (EPS) increased to 0.92 yuan, a 20.15% rise year-on-year, and operating cash flow per share rose significantly by 53.91% to 1.52 yuan [1] Balance Sheet Highlights - Accounts receivable increased significantly by 47.25% year-on-year, reaching 4.715 billion yuan [1] - Cash and cash equivalents rose by 16.36% to 1.362 billion yuan [1] - Interest-bearing liabilities increased by 6.42% to 16.039 billion yuan, with a debt-to-asset ratio of 49.05% [4] Cash Flow Analysis - The net cash flow from operating activities surged by 53.91%, attributed to increased cash receipts from sales of goods and services [3] - Financing activities saw a substantial increase of 86.46%, driven by changes in the structure of financing activities, including the issuance of medium-term notes [3] Business Model and Market Position - The company’s return on invested capital (ROIC) was reported at 7.59%, indicating average capital returns, with a historical median ROIC of 9.03% over the past decade [3] - The company’s performance is heavily reliant on capital expenditures, necessitating close monitoring of the profitability and necessity of these investments [3] Market Expectations - Analysts project the company’s performance for 2025 to reach 1.214 billion yuan, with an average EPS forecast of 1.89 yuan [4] - The company’s accounts receivable to profit ratio stands at 413.08%, indicating potential concerns regarding cash flow management [4]

Overview of Business Performance - The company reported total revenue of 660 million yuan for the first half of 2025, a year-on-year decrease of 17.7% [1] - The net profit attributable to shareholders was -42.165 million yuan, a year-on-year decline of 224.23% [1] - The net profit excluding non-recurring items was -43.9754 million yuan, down 120.11% year-on-year [1] - Despite the overall poor performance, the second quarter showed improvement with total revenue of 512 million yuan, up 12.68% year-on-year [1] - The net profit for the second quarter was 23.9256 million yuan, an increase of 1354.31% year-on-year [1] - The net profit excluding non-recurring items for the second quarter was 23.0895 million yuan, up 674.42% year-on-year [1] Key Financial Indicators - Gross margin was 17.68%, an increase of 1.74 percentage points year-on-year [4] - Net margin was -7.17%, a decrease of 214.12 percentage points year-on-year [4] - Operating expenses accounted for 16.81% of revenue, an increase of 23.92 percentage points year-on-year [4] - Earnings per share was -0.24 yuan, down 224.36% year-on-year [4] - Cash flow from operating activities per share was -0.22 yuan, an increase of 92.5% year-on-year [4] Asset and Liability Situation - Cash and cash equivalents amounted to 465 million yuan, a decrease of 32.16% year-on-year [4] - Accounts receivable stood at 1.035 billion yuan, a decrease of 3.87%, accounting for 68.58% of total revenue [4] - Interest-bearing liabilities were 1.748 billion yuan, an increase of 7.39% year-on-year [4] - The ratio of cash and cash equivalents to current liabilities was only 26.28%, indicating potential cash flow concerns [4] - The interest-bearing asset-liability ratio was 38.98%, with a negative average cash flow from operating activities over the past three years, highlighting debt risk [4]

据证券之星公开数据整理，近期高争民爆（002827）发布2025年中报。截至本报告期末，公司营业总收 入7.71亿元，同比上升6.55%，归母净利润6920.0万元，同比上升25.7%。按单季度数据看，第二季度营 业总收入4.67亿元，同比上升0.55%，第二季度归母净利润5157.61万元，同比上升12.17%。本报告期高 争民爆盈利能力上升，毛利率同比增幅9.65%，净利率同比增幅11.87%。 本次财报公布的各项数据指标表现尚佳。其中，毛利率28.23%，同比增9.65%，净利率8.63%，同比增 11.87%，销售费用、管理费用、财务费用总计1.27亿元，三费占营收比16.47%，同比增9.6%，每股净资 产3.46元，同比增14.31%，每股经营性现金流0.53元，同比增441.58%，每股收益0.25元，同比增25.66% | 项目 | 2024年中报 | 2025年中报 | 同比增幅 | | --- | --- | --- | --- | | 营业总收入(元) | 7.24亿 | 7.71亿 | 6.55% | | 归母净利润(元) | 5505.14万 | 6920万 | 25.70% | | ...

货币资金变动幅度为-60.09%,原因:上半年归还银行贷款增加。 短期借款变动幅度为-33.75%,原因:经营性现金流较好，贷款减少。 据证券之星公开数据整理，近期天源迪科（300047）发布2025年中报。截至本报告期末，公司营业总收 入41.48亿元，同比上升19.27%，归母净利润3487.96万元，同比上升13.97%。按单季度数据看，第二季 度营业总收入19.78亿元，同比上升1.13%，第二季度归母净利润2166.77万元，同比上升0.72%。本报告 期天源迪科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7145.92%。 本次财报公布的各项数据指标表现尚佳。其中，毛利率8.57%，同比减13.87%，净利率0.99%，同比减 41.16%，销售费用、管理费用、财务费用总计1.78亿元，三费占营收比4.28%，同比减16.13%，每股净 资产5.16元，同比减1.15%，每股经营性现金流1.06元，同比增150.67%，每股收益0.05元，同比增 13.96% | 项目 | 2024年中报 | 2025年中报 | 同比增幅 | | --- | --- | --- | --- | | ...