Core Insights - *ST Tianwei (688511) reported significant growth in its 2025 mid-year financial results, with total revenue reaching 84.01 million yuan, a year-on-year increase of 87.37%, and a net profit attributable to shareholders of 30.82 million yuan, up 2119.12% [1] Financial Performance - Total revenue for the second quarter was 43.56 million yuan, reflecting a substantial year-on-year increase of 459.92% [1] - The net profit for the second quarter was 13.48 million yuan, which is a year-on-year increase of 264.77% [1] - The gross profit margin decreased to 56.53%, down 11.25% year-on-year, while the net profit margin increased to 35.47%, up 1045.29% year-on-year [1] - Total expenses (selling, administrative, and financial) amounted to 10.15 million yuan, accounting for 12.08% of revenue, a decrease of 64.83% year-on-year [1] Balance Sheet Highlights - Cash and cash equivalents increased to 264 million yuan, a rise of 114.79% year-on-year [1] - Accounts receivable stood at 165 million yuan, an 18.52% increase year-on-year, with accounts receivable representing 212.5% of total revenue [1] - The company maintained its interest-bearing debt at 8.1 million yuan, unchanged from the previous year [1] Earnings Per Share - Earnings per share rose significantly to 0.30 yuan, a year-on-year increase of 1600.57% [1] - The net asset value per share decreased to 8.17 yuan, down 24.71% year-on-year [1] - Operating cash flow per share was -0.09 yuan, a decline of 176.51% year-on-year [1] Business Evaluation - The company has shown a historical median ROIC of 8.26%, with the worst year being 2024 at -3.65% [2] - The company has experienced one loss year since its listing, indicating a need for further investigation into potential special circumstances [2] Debt and Inventory Management - The company has a healthy cash position, but attention is needed on accounts receivable and inventory levels, with inventory reaching 105.22% of revenue [2]

Core Viewpoint - The recent financial report of Jinchang Group (603680) shows significant growth in revenue and net profit for the first half of 2025, indicating improved profitability and operational efficiency [1]. Financial Performance - Total revenue for the first half of 2025 reached 2.512 billion yuan, a year-on-year increase of 28.04% [1]. - Net profit attributable to shareholders was 367 million yuan, up 149.29% year-on-year [1]. - In Q2 2025, total revenue was 1.425 billion yuan, reflecting a 32.97% increase compared to the same quarter last year [1]. - Q2 net profit attributable to shareholders was 218 million yuan, marking a 109.65% year-on-year growth [1]. Profitability Metrics - Gross margin improved to 29.5%, with a year-on-year increase of 25.62% [1]. - Net margin rose to 14.68%, showing a significant year-on-year increase of 107.86% [1]. - Total selling, administrative, and financial expenses amounted to 166 million yuan, accounting for 6.62% of revenue, a decrease of 45.13% year-on-year [1]. Key Financial Ratios - Earnings per share (EPS) increased to 0.47 yuan, up 147.37% year-on-year [1]. - Operating cash flow per share was 0.25 yuan, a remarkable increase of 885.24% year-on-year [1]. - The company's net asset per share was 7.13 yuan, reflecting an 8.81% increase year-on-year [1]. Balance Sheet Highlights - Cash and cash equivalents increased to 782 million yuan, a 31.52% rise year-on-year [1]. - Accounts receivable reached 3.409 billion yuan, an 11.83% increase compared to the previous year [1]. - Interest-bearing debt decreased significantly to 905 million yuan, down 44.62% year-on-year [1]. Investment Returns - The company's return on invested capital (ROIC) for the previous year was 6.56%, indicating average capital returns [1]. - Historical data shows a median ROIC of 10.67% since the company went public, with the lowest ROIC recorded at 3.2% in 2022 [1]. Analyst Expectations - Analysts project the company's performance for 2025 to reach 611 million yuan, with an average EPS forecast of 0.78 yuan [2].

据证券之星公开数据整理，近期四川路桥（600039）发布2025年中报。截至本报告期末，公司营业总收 入435.36亿元，同比下降4.91%，归母净利润27.8亿元，同比下降13.0%。按单季度数据看，第二季度营 业总收入205.5亿元，同比下降13.21%，第二季度归母净利润10.05亿元，同比下降30.1%。本报告期四 川路桥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399.36%。 本次财报公布的各项数据指标表现一般。其中，毛利率14.5%，同比减8.68%，净利率6.4%，同比减 9.76%，销售费用、管理费用、财务费用总计19.13亿元，三费占营收比4.39%，同比减12.29%，每股净 资产5.47元，同比增8.32%，每股经营性现金流-0.49元，同比增9.27%，每股收益0.32元，同比减13.51% 建议关注公司债务状况（有息资产负债率已达30.5%、有息负债总额/近3年经营性现金流均值已达 14.93%） 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58.46%） | 项目 | 2024年中报 | 2025年中报 | 同比增幅 | | --- | --- | ...

Core Viewpoint - New Energy Taishan (000720) reported a significant increase in revenue and net profit for the first half of 2025, indicating a positive trend in financial performance despite challenges in gross margin and accounts receivable [1] Financial Performance Summary - Total revenue for the first half of 2025 reached 642 million yuan, a year-on-year increase of 38.66% compared to 463 million yuan in 2024 [1] - The net profit attributable to shareholders was 5.32 million yuan, up 115.31% from a loss of 34.73 million yuan in the previous year [1] - The second quarter revenue was 343 million yuan, reflecting a 17.57% increase year-on-year, while the net profit for the second quarter was a loss of 10.91 million yuan, but improved by 53.44% year-on-year [1] Key Financial Ratios - Gross margin decreased to 5.49%, down 34.54% year-on-year, while net margin improved to 0.81%, an increase of 110.7% [1] - Total operating expenses (sales, management, and financial expenses) amounted to 26.84 million yuan, representing only 4.18% of revenue, a significant decrease of 70.47% year-on-year [1] - Earnings per share (EPS) improved to 0.00 yuan, a 115.22% increase from a loss of 0.03 yuan in the previous year [1] Cash Flow and Debt Analysis - Cash flow per share reached 0.54 yuan, a substantial increase of 468.01% year-on-year from -0.15 yuan [1] - The company’s cash and cash equivalents increased to 254 million yuan, a rise of 137.15% compared to 107 million yuan in 2024 [1] - Accounts receivable accounted for 47.08% of total revenue, indicating a large volume of receivables [1] Historical Performance Insights - The company has shown weak historical investment returns, with a median ROIC of 0.82% over the past decade and a worst year ROIC of -5.58% in 2017 [1] - The company has reported losses in 10 out of 27 annual reports since its listing, suggesting a challenging financial history [1]

据证券之星公开数据整理，近期*ST绿康(002868)发布2025年中报。截至本报告期末，公司营业总收入 2.94亿元，同比下降9.97%，归母净利润-5857.09万元，同比上升32.74%。按单季度数据看，第二季度营 业总收入1.52亿元，同比下降8.48%，第二季度归母净利润-2916.2万元，同比上升47.68%。本报告期 *ST绿康盈利能力上升，毛利率同比增幅8423.8%，净利率同比增幅25.91%。 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-68.68%，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10.36%，投资回报也较 好，其中最惨年份2024年的ROIC为-33.87%，投资回报极差。公司历史上的财报相对一般(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7份，亏损年份4次， 如无借壳上市等因素，价投一般不看这类公司。 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1.77%、近3年经营性现金流均值/ 流动负债仅为-2.01%)建议关注公司债务状况(有息资产负债 ...

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-35.04%，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10.31%，投资回报也较好，其中最惨年份2024年的ROIC 为-19.22%，投资回报极差。公司历史上的财报相对一般（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7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： 据证券之星公开数据整理，近期康隆达（603665）发布2025年中报。截至本报告期末，公司营业总收入 7.13亿元，同比上升3.63%，归母净利润1.12亿元，同比上升323.61%。按单季度数据看，第二季度营业 总收入3.34亿元，同比下降20.81%，第二季度归母净利润-197.69万元，同比下降113.68%。本报告期康 隆达短期债务压力上升，流动比率达0.55。 本次财报公布的各项数据指标表现尚佳。其中，毛利率20.3%，同比减15.92%，净利率13.86%，同比增 270.32%，销售费用、管理费用、财务费用总计9687.86万元，三费占营收比13.58%，同比 ...

据证券之星公开数据整理，近期*ST和科(002816)发布2025年中报。截至本报告期末，公司营业总收入 7519.46万元，同比上升1541.63%，归母净利润-261.67万元，同比上升88.43%。按单季度数据看，第二 季度营业总收入4139.7万元，同比上升1703.23%，第二季度归母净利润-588.34万元，同比上升54.85%。 本报告期*ST和科存货明显上升，存货同比增幅达45.65%。 本次财报公布的各项数据指标表现尚佳。其中，毛利率23.0%，同比增153.95%，净利率-6.02%，同比 增98.84%，销售费用、管理费用、财务费用总计2311.09万元，三费占营收比30.73%，同比减92.93%， 每股净资产2.22元，同比减12.2%，每股经营性现金流-0.15元，同比增64.21%，每股收益-0.03元，同比 增88.42% | 项目 | 2024年中报 | 2025年中报 | 同比增幅 | | --- | --- | --- | --- | | 营业总收入(元) | 458.05万 | 7519.46万 | 1541.63% | | 归母净利润(元) | -2261.94万 | ...

Core Viewpoint - Bluefan Medical (002382) reported a decline in total revenue and a negative net profit for the first half of 2025, indicating financial challenges and increased short-term debt pressure [1][2]. Financial Performance - Total revenue for the period was 2.781 billion yuan, a year-on-year decrease of 7.49% [1] - Net profit attributable to shareholders was -135 million yuan, a year-on-year increase of 15.88% [1] - In Q2, total revenue was 1.303 billion yuan, down 16.0% year-on-year [1] - Q2 net profit attributable to shareholders was -212 million yuan, a year-on-year decline of 245.53% [1] - Gross margin was 14.34%, a decrease of 11.46% year-on-year [1] - Net margin was -5.14%, an increase of 8.36% year-on-year [1] - Total expenses (selling, administrative, and financial) amounted to 433 million yuan, accounting for 15.56% of revenue, an increase of 0.42% year-on-year [1] - Earnings per share were -0.13 yuan, an increase of 18.75% year-on-year [1] Cash Flow and Debt Situation - Cash flow per share was 0.33 yuan, a significant increase of 407.48% year-on-year [1] - Current ratio was 0.89, indicating rising short-term debt pressure [1][3] - Cash and cash equivalents to current liabilities ratio was 45.06% [3] - Interest-bearing debt ratio reached 30.21% [3] - Interest-bearing debt to average operating cash flow over the past three years was 27.38% [3] Business Model and Historical Performance - The company's business model relies heavily on research and marketing efforts [2] - Historical data shows a median ROIC of 7.21% over the past decade, with a notably poor ROIC of -3.04% in 2023 [2] - The company has reported losses in three out of its 14 annual reports since going public, indicating a fragile business model [2]

业务评价：公司去年的ROIC为1.94%，资本回报率不强。去年的净利率为0.87%，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，公司近10年来中位数ROIC为1.71%，中位投资 回报较弱，其中最惨年份2018年的ROIC为-1.82%，投资回报极差。公司历史上的财报非常一般，公司 上市来已有年报27份，亏损年份1次，需要仔细研究下有无特殊原因。 据证券之星公开数据整理，近期苏豪弘业（600128）发布2025年中报。截至本报告期末，公司营业总收 入39.19亿元，同比上升10.73%，归母净利润2629.55万元，同比上升34.72%。按单季度数据看，第二季 度营业总收入19.21亿元，同比上升2.93%，第二季度归母净利润2292.15万元，同比上升39.07%。本报 告期苏豪弘业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2806.02%。 本次财报公布的各项数据指标表现一般。其中，毛利率4.37%，同比减7.91%，净利率1.03%，同比减 3.67%，销售费用、管理费用、财务费用总计1.53亿元，三费占营收比3.89%，同比增4.38%，每股净资 产8.61元 ...

| 项目 | 2024年中报 | 2025年中报 | 同比增幅 | | --- | --- | --- | --- | | 营业总收入(元) | 9750.37万 | 2.07亿 | 112.15% | | 归母净利润(元) | -531.81万 | -1043.75万 | -96.26% | | 扣非净利润(元) | -594.09万 | -1130.2万 | -90.24% | | 货币资金(元) | 3927.57万 | 6191.37万 | 57.64% | | 应收账款(元) | 6.27亿 | 5.43 Z | -13.29% | | 有息负债 (元) | 12.22亿 | 10.78亿 | -11.82% | | 毛利率 | 5.60% | 8.62% | 53.82% | | 净利率 | -5.01% | -4.95% | 1.12% | | 三费占营收比 | | 7.60% | | | 每股净资产 (元) | 2.81 | 2.42 | -14.07% | | 每股收益(元) | -0.02 | -0.04 | -100.00% | | 每股经营性现金流(元) | 0.02 | 0.26 | ...