财务报表中对有大幅变动的财务项目的原因说明如下： 货币资金变动幅度为397.5%,原因:向特定对象发行股票，募集资金到位。 在建工程变动幅度为66.92%,原因:公司研发及生产基地一期建设项目投入增长。 交易性金融资产变动幅度为70.58%,原因:公司利用闲置募集资金购买结构性存款。 据证券之星公开数据整理，近期迪哲医药（688192）发布2025年中报。根据财报显示，迪哲医药增收不 增利。截至本报告期末，公司营业总收入3.55亿元，同比上升74.4%，归母净利润-3.77亿元，同比下降 9.46%。按单季度数据看，第二季度营业总收入1.95亿元，同比上升59.83%，第二季度归母净利润-1.85 亿元，同比下降53.38%。 本次财报公布的各项数据指标表现一般。其中，毛利率95.6%，同比减2.11%，净利率-106.77%，同比 增49.73%，销售费用、管理费用、财务费用总计3.55亿元，三费占营收比99.87%，同比减28.75%，每股 净资产3.54元，同比增141.27%，每股经营性现金流-0.58元，同比增20.43%，每股收益-0.87元，同比减 4.82% | 项目 | 2024年中报 | ...

据证券之星公开数据整理，近期常山药业(300255)发布2025年中报。截至本报告期末，公司营业总收入 4.92亿元，同比下降13.42%，归母净利润-2908.9万元，同比上升37.98%。按单季度数据看，第二季度营 业总收入2.33亿元，同比下降14.83%，第二季度归母净利润-3287.16万元，同比下降322.67%。本报告期 常山药业短期债务压力上升，流动比率达0.79。 本次财报公布的各项数据指标表现一般。其中，毛利率14.54%，同比减8.28%，净利率-7.37%，同比增 10.82%，销售费用、管理费用、财务费用总计1.04亿元，三费占营收比21.19%，同比减12.23%，每股净 资产1.67元，同比减13.14%，每股经营性现金流0.19元，同比减13.95%，每股收益-0.03元，同比增 40.0% 财务报表中对有大幅变动的财务项目的原因说明如下：应收款项变动幅度为30.92%,原因:本报告期应收 账款增加。存货变动幅度为-9.12%,原因:本期销售领用。短期借款变动幅度为26.21%,原因:本期贷款增 加。长期借款变动幅度为-33.91%,原因:一年内到期的非流动负债增加。营业收入变 ...

据证券之星公开数据整理，近期久日新材（688199）发布2025年中报。根据财报显示，久日新材亏损收 窄。截至本报告期末，公司营业总收入7.13亿元，同比下降7.11%，归母净利润-905.73万元，同比上升 29.69%。按单季度数据看，第二季度营业总收入3.57亿元，同比下降13.14%，第二季度归母净利润 146.7万元，同比上升117.28%。 本次财报公布的各项数据指标表现一般。其中，毛利率13.5%，同比减1.96%，净利率-1.75%，同比增 4.75%，销售费用、管理费用、财务费用总计5560.17万元，三费占营收比7.79%，同比增7.02%，每股净 资产15.82元，同比减1.8%，每股经营性现金流0.25元，同比增726.08%，每股收益-0.06元，同比增 25.0% | 项目 | 2024年中报 | 2025年中报 | 同比增幅 | | --- | --- | --- | --- | | 营业总收入(元) | 7.687 | 7.13亿 | -7.11% | | 归母净利润(元) | -1288.12万 | -905.73万 | 29.69% | | 扣非净利润(元) | -1844 ...

据证券之星公开数据整理，近期崧盛股份（301002）发布2025年中报。根据财报显示，崧盛股份增收不 增利。截至本报告期末，公司营业总收入4.49亿元，同比上升3.69%，归母净利润-75.32万元，同比下降 104.28%。按单季度数据看，第二季度营业总收入2.48亿元，同比下降1.09%，第二季度归母净利 润-71.73万元，同比下降106.18%。 本次财报公布的各项数据指标表现一般。其中，毛利率22.42%，同比减15.64%，净利率-2.06%，同比 减196.62%，销售费用、管理费用、财务费用总计6337.11万元，三费占营收比14.1%，同比增7.29%，每 股净资产6.12元，同比减4.75%，每股经营性现金流-0.01元，同比减105.98%，每股收益-0.01元，同比 减107.14% | 项目 | 2024年中报 | 2025年中报 | 同比增幅 | | --- | --- | --- | --- | | 营业总收入(元) | 4.33亿 | 4.49 Z | 3.69% | | 归母净利润(元) | 1758.18万 | -75.32万 | -104.28% | | 扣非净利润(元) ...

证券之星价投圈财报分析工具显示： 1. 货币资金变动幅度为-26.36%,原因:满足中小企业付款条例，以银行存款形式支付中小企业货款； 应付票据及易信通到期还款。 2. 应收款项变动幅度为14.82%,原因:已结算未到期影响。 3. 合同资产变动幅度为12.25%,原因:已完工尚未结算款影响。 4. 在建工程变动幅度为-19.05%,原因:在建工程完工转固定资产无形资产。 5. 短期借款变动幅度为-68.45%,原因:以货币资金偿还短期借款。 6. 销售费用变动幅度为17.27%,原因:电动机板块不及预期，内部考核金额同比变动。 7. 管理费用变动幅度为11.74%,原因:本期劳务费、信息化费用增加，上期回购限制性股票转回股份 支付。 8. 所得税费用变动幅度为20.34%,原因:受动装公司当期所得税费用影响。 9. 经营活动产生的现金流量净额变动幅度为-85.94%,原因:满足中小企业付款条例，以银行存款形式 支付中小企业货款；应付票据及易信通到期还款。 10. 投资活动产生的现金流量净额变动幅度为-19.64%,原因:购建固定资产支出增加。 11. 现金及现金等价物净增加额变动幅度为-415.23%,原因 ...

据证券之星公开数据整理，近期东华能源（002221）发布2025年中报。截至本报告期末，公司营业总收 入162.83亿元，同比上升13.28%，归母净利润6637.63万元，同比下降39.8%。按单季度数据看，第二季 度营业总收入83.03亿元，同比上升14.36%，第二季度归母净利润1379.13万元，同比下降74.7%。本报 告期东华能源短期债务压力上升，流动比率达0.99。 研发投入变动幅度为-77.24%,原因:上半年研发项目主要集中在小试与中试，还未进入到工业化试验阶 段，下半年将进入到产业化研究阶段，进而增加研发投入。 经营活动产生的现金流量净额变动幅度为-33.49%,原因:二季度受中美加征关税影响，采购支出增加。 筹资活动产生的现金流量净额变动幅度为-747.04%,原因:本期偿还项目贷款。 现金及现金等价物净增加额变动幅度为-515.12%,原因:本期偿还项目贷款。 证券之星价投圈财报分析工具显示： 本次财报公布的各项数据指标表现一般。其中，毛利率3.89%，同比减11.42%，净利率0.46%，同比减 45.14%，销售费用、管理费用、财务费用总计5.39亿元，三费占营收比3.31%，同比 ...

Core Viewpoint - Longpan Technology (603906) reported a slight increase in total revenue for the first half of 2025, but continued to face net losses, although the loss amount decreased significantly compared to the previous year [1]. Financial Performance - Total revenue for the first half of 2025 reached 3.622 billion yuan, a year-on-year increase of 1.49% [1]. - The net profit attributable to shareholders was -85.1534 million yuan, showing a year-on-year improvement of 61.7% [1]. - In Q2 2025, total revenue was 2.03 billion yuan, down 3.08% year-on-year, while the net profit attributable to shareholders was -59.2046 million yuan, an increase of 58.81% year-on-year [1]. - Gross margin improved to 13.84%, up 36.23% year-on-year, while net margin improved to -3.04%, up 59.09% year-on-year [1]. Cost and Expenses - Total selling, administrative, and financial expenses amounted to 376 million yuan, accounting for 10.37% of revenue, a decrease of 2.99% year-on-year [1]. - Selling expenses decreased by 13.71% due to lower business promotion costs [10]. - Management expenses slightly increased by 0.09% due to higher employee compensation [10]. - Financial expenses increased by 4.25% due to higher bill discounting costs [10]. Cash Flow and Assets - Cash flow from operating activities showed a significant decline of 90.32%, attributed to reduced cash received from sales of goods and services [15]. - Cash and cash equivalents increased by 34.94% to 3.203 billion yuan [1]. - The company’s net asset per share decreased by 15.81% to 4.53 yuan [1]. Liabilities and Debt - Interest-bearing liabilities rose by 6.90% to 9.576 billion yuan [1]. - The company’s debt-to-asset ratio reached 52.89%, indicating a high level of leverage [21]. Investment and Returns - The company’s return on invested capital (ROIC) has been historically low, with a median ROIC of 11.26% since its listing, and a particularly poor ROIC of -10.32% in 2023 [18]. - Investment income surged by 712.35% due to increased returns from financial products [12]. Business Model and Strategy - The company’s performance is primarily driven by research and development, necessitating a thorough examination of the underlying drivers of this strategy [20]. - The business model has shown signs of weakness, with two years of losses since its listing [18].

Core Viewpoint - Guizhou Bailing (002424) reported a significant decline in financial performance for the first half of 2025, with net profit down 40.73% and total revenue down 31.77% compared to the previous year [1] Financial Performance Summary - Total revenue for 2025 reached 1.462 billion yuan, a decrease of 31.77% from 2.143 billion yuan in 2024 [1] - Net profit attributable to shareholders was 51.83 million yuan, down 40.73% from 87.46 million yuan in 2024 [1] - Gross margin fell to 52.5%, a decline of 14.41% year-on-year, while net margin decreased to 3.59%, down 8.72% [1] - Total expenses (selling, administrative, and financial) amounted to 633 million yuan, accounting for 43.33% of revenue, a reduction of 17.77% [1] - Earnings per share decreased to 0.04 yuan, down 33.33% from 0.06 yuan in 2024 [1] Cash Flow and Asset Management - Cash flow from operating activities showed a significant increase, with net cash flow rising by 921.03% due to improved collection of receivables [6] - Cash and cash equivalents increased by 259.38%, attributed to enhanced sales collection [6] - The company reported a 52.24% increase in cash funds, reaching 492 million yuan [3] Debt and Receivables - Accounts receivable decreased by 33.99% to 1.396 billion yuan, reflecting improved collection efforts [3] - Interest-bearing liabilities slightly decreased by 2.80% to 1.77 billion yuan [1] - The company’s debt-to-asset ratio for interest-bearing liabilities reached 25.79% [9] Management and Operational Insights - The company’s return on invested capital (ROIC) was reported at 1.96%, indicating weak capital returns historically [7] - The business model relies heavily on research and marketing, necessitating further investigation into these drivers [8] - The chairman's shares are fully pledged, but the company maintains that cash flow is currently sufficient and risks are manageable [10]

Core Viewpoint - Shengyi Technology (600183) reported strong financial performance for the first half of 2025, with significant increases in revenue and net profit compared to the previous year [1][3]. Financial Performance - Total revenue reached 12.68 billion yuan, a year-on-year increase of 31.68% [1] - Net profit attributable to shareholders was 1.426 billion yuan, up 52.98% year-on-year [1] - In Q2 2025, total revenue was 7.069 billion yuan, reflecting a 35.77% increase year-on-year [1] - Q2 net profit attributable to shareholders was 863 million yuan, a 59.67% increase year-on-year [1] - Gross margin improved to 25.86%, up 20.14% year-on-year [1] - Net margin increased to 12.8%, a rise of 26.03% year-on-year [1] - Earnings per share (EPS) rose to 0.59 yuan, a 47.5% increase year-on-year [1] Balance Sheet and Cash Flow - Accounts receivable increased by 34.57% year-on-year, reaching 8.804 billion yuan [1] - Total liabilities with interest increased by 9.89% year-on-year, amounting to 3.841 billion yuan [1] - Cash flow per share improved significantly to 0.8 yuan, a 104.97% increase year-on-year [1] Investment Insights - The company's return on invested capital (ROIC) was 9.87%, indicating average capital returns [3] - Analysts expect the company's performance in 2025 to reach 2.897 billion yuan, with an average EPS forecast of 1.19 yuan [3] - Notable fund managers, including Zhu Ran from Xinda Australia Fund, have increased their holdings in Shengyi Technology [3][4] Fund Holdings - The largest fund holding Shengyi Technology is the Morgan Stanley Digital Economy Mixed Fund, with a scale of 2.386 billion yuan [4] - Several funds have newly entered or increased their positions in Shengyi Technology, indicating growing interest from institutional investors [4]

Financial Performance - The company reported a total revenue of 521 million yuan for the first half of 2025, an increase of 4.57% year-on-year [1] - The net profit attributable to shareholders reached 42.29 million yuan, reflecting a year-on-year increase of 21.35% [1] - In Q2 2025, total revenue was 248 million yuan, showing a slight decline of 0.74% compared to the same quarter last year [1] - The net profit for Q2 2025 was 19.35 million yuan, down 8.67% year-on-year [1] - The gross margin was 35.0%, a decrease of 4.37% year-on-year, while the net margin improved to 7.91%, an increase of 19.89% [1] Financial Ratios - The company's return on invested capital (ROIC) was 4.83% last year, indicating weak capital returns [2] - The historical median ROIC since the company went public is 6.02%, with a notably poor ROIC of -3.85% in 2022 [2] - The company’s cash assets are reported to be very healthy, indicating good debt repayment capability [2] Accounts Receivable - The accounts receivable amount is significant, with accounts receivable reaching 330.81% of the net profit for the latest reporting period [1][4] Business Model - The company's performance is primarily driven by research and marketing efforts, necessitating a deeper analysis of these underlying drivers [3]