据证券之星公开数据整理，近期华电科工（601226）发布2025年中报。截至本报告期末，公司营业总收 入38.58亿元，同比上升31.59%，归母净利润5409.34万元，同比上升47.07%。按单季度数据看，第二季 度营业总收入23.61亿元，同比上升42.49%，第二季度归母净利润1.36亿元，同比上升1.92%。本报告期 华电科工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2328.28%。 证券之星价投圈财报分析工具显示： 业务评价：公司去年的ROIC为2.5%，资本回报率不强。去年的净利率为1.56%，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2.14%，中位投资 回报较弱，其中最惨年份2016年的ROIC为-1.64%，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10份，亏损年份1次，需要仔细研究下有无特殊原因。 财报体检工具显示： 商业模式：公司业绩主要依靠研发驱动。需要仔细研究这类驱动力背后的实际情况。 | | | | 项目 | 2024年中报 | 2025年中报 | 同比增幅 | | --- | --- ...

| 项目 | 2024年中报 | 2025年中报 | 同比增幅 | | --- | --- | --- | --- | | 营业总收入(元) | 3.4亿 | 3.75亿 | 10.11% | | 归母净利润(元) | 7633.77万 | 7090.55万 | -7.12% | | 扣非净利润(元) | 5483.71万 | 6292.54万 | 14.75% | | 货币资金(元) | 7.7亿 | 5.22亿 | -32.24% | | 应收账款(元) | 3.58亿 | 4.15亿 | 15.83% | | 有息负债(元) | 1.19亿 | 2.52亿 | 112.31% | | 毛利率 | 64.52% | 64.27% | -0.39% | | 净利率 | 22.43% | 18.92% | -15.65% | | 三费占营收比 | 30.67% | 29.93% | -2.41% | | 每股净资产 (元) | 5.15 | 5.29 | 2.59% | | 每股收益(元) | 0.19 | 0.17 | -10.53% | | 每股经营性现金流(元) | -0.11 | 0.04 | 135 ...

据证券之星公开数据整理，近期劲嘉股份(002191)发布2025年中报。截至本报告期末，公司营业总收入 12.39亿元，同比下降16.56%，归母净利润1.22亿元，同比下降32.54%。按单季度数据看，第二季度营 业总收入6.03亿元，同比下降12.6%，第二季度归母净利润5554.74万元，同比下降8.17%。本报告期劲 嘉股份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1655.26%。 财务报表中对有大幅变动的财务项目的原因说明如下：短期借款变动幅度为-57.71%,原因:报告期归还银 行借款。交易性金融资产的变动原因:报告期子公司理财增加。预付款项变动幅度为-49.79%,原因:报告 期交货结转。应付票据变动幅度为-58.78%,原因:报告期票据结算减少。应付职工薪酬变动幅度 为-54.52%,原因:报告期支付上年奖金。预计负债变动幅度为-96.42%,原因:支付投资者诉讼赔偿款。财务 费用变动幅度为58.28%,原因:报告期利息收入减少。所得税费用变动幅度为-60.49%,原因:报告期利润规 模下降。投资活动产生的现金流量净额变动幅度为165.62%,原因:报告期收到减资款及股权转让 ...

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-20.1%,原因:报告期购买理财产品。 据证券之星公开数据整理，近期金冠电气（688517）发布2025年中报。截至本报告期末，公司营业总收 入3.41亿元，同比上升7.75%，归母净利润4233.7万元，同比下降17.16%。按单季度数据看，第二季度 营业总收入2.01亿元，同比上升7.33%，第二季度归母净利润2324.38万元，同比下降23.89%。本报告期 金冠电气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453.83%。 本次财报公布的各项数据指标表现一般。其中，毛利率29.27%，同比减20.8%，净利率12.43%，同比减 23.12%，销售费用、管理费用、财务费用总计3428.65万元，三费占营收比10.07%，同比减7.64%，每股 净资产5.74元，同比增2.14%，每股经营性现金流0.31元，同比减32.76%，每股收益0.31元，同比减 16.22% | 项目 | 2024年中报 | 2025年中报 | 同比增幅 | | --- | --- | --- | --- | | 营业总收入(元) | 3.1 ...

尚纬股份有限公司2025 年半年度报告 公司代码：603333 公司简称：尚纬股份 尚纬股份有限公司 二零二五年八月 尚纬股份有限公司2025 年半年度报告 重要提示 一、 本公司董事会及董事、高级管理人员保证半年度报告内容的真实性、准确性、完整性，不 存在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 二、 公司全体董事出席董事会会议。 三、 本半年度报告未经审计。 四、 公司负责人叶洪林、主管会计工作负责人张莉及会计机构负责人（会计主管人员）卢兴周 声明：保证半年度报告中财务报告的真实、准确、完整。 五、 董事会决议通过的本报告期利润分配预案或公积金转增股本预案 无 六、 前瞻性陈述的风险声明 √适用 □不适用 本报告包括前瞻性陈述。除历史事实陈述外，所有本公司预计或期待未来可能或即将发生的 业务活动、事件或发展动态的陈述（包括但不限于预测、目标、估计及经营计划）都属于前瞻性 陈述。受诸多可变因素的影响，未来的实际结果或发展趋势可能会与这些前瞻性陈述出现重大差 异。本报告中的前瞻性陈述为本公司于2025年8月22日作出，不构成公司对投资者的实质承诺，敬 请投资者注意投资风险。 七、 是否存在 ...

Core Viewpoint - Huayou Cobalt Co., Ltd. reported strong financial performance for the first half of 2025, with significant increases in revenue and net profit compared to the previous year [1]. Financial Performance - Total revenue reached 37.197 billion yuan, a year-on-year increase of 23.78% [1]. - Net profit attributable to shareholders was 2.711 billion yuan, up 62.26% year-on-year [1]. - In Q2 2025, total revenue was 19.355 billion yuan, reflecting a 28.28% increase year-on-year [1]. - Q2 net profit attributable to shareholders was 1.459 billion yuan, a 27.04% increase year-on-year [1]. - Gross margin was 15.86%, down 3.45% year-on-year, while net margin improved to 9.33%, up 18.33% year-on-year [1]. - Total operating expenses were 1.834 billion yuan, accounting for 4.93% of revenue, a decrease of 26.74% year-on-year [1]. Balance Sheet Highlights - Accounts receivable increased to 7.533 billion yuan, up 11.28% year-on-year [1]. - Interest-bearing liabilities rose to 62.809 billion yuan, a 3.92% increase [1]. - Cash and cash equivalents decreased slightly to 18.568 billion yuan, down 2.29% year-on-year [1]. - Net asset value per share increased to 22.09 yuan, a 13.42% rise [1]. Cash Flow Analysis - Operating cash flow per share was 0.95 yuan, down 41.6% year-on-year [1]. - The net cash flow from operating activities decreased by 41.45%, attributed to prepayments for raw materials [3]. Investment Insights - The company’s return on invested capital (ROIC) was 7.34%, indicating average capital returns [3]. - The company has a history of moderate financial performance, with a median ROIC of 7.55% since its listing [3]. - Analysts expect the company's performance in 2025 to reach 5.542 billion yuan, with an average earnings per share of 3.26 yuan [4]. Fund Holdings - The largest fund holding Huayou Cobalt is the New Energy Vehicle LOF, with a scale of 4.57 billion yuan and a recent net value increase of 1.25% [6].

Revenue and Profit - The company's total revenue for the first half of 2025 was 194 million yuan, an increase of 27.8% year-on-year [2] - The net profit attributable to shareholders was 24.44 million yuan, up 69.51% year-on-year, while the non-recurring net profit decreased by 52.56% to 5.84 million yuan, indicating a decline in core business profitability despite increased income from other sources [2] Quarterly Performance - In the second quarter, total revenue reached 140 million yuan, a year-on-year increase of 43.72%, with a net profit of 15.42 million yuan, up 13.2% year-on-year [3] - The non-recurring net profit for the quarter was 14.74 million yuan, reflecting an 8.21% increase, but its growth rate lagged behind that of total revenue [3] Profitability - The company's gross margin was 53.33%, a decrease of 11.57 percentage points year-on-year, while the net margin increased by 71.92% to 16.31%, indicating pressure on cost control despite improved net profitability [4] Expense Control - Total selling, administrative, and financial expenses amounted to 58.02 million yuan, accounting for 29.87% of revenue, a decrease of 5.34 percentage points year-on-year [5] - The increase in administrative expenses was primarily due to asset amortization from acquisitions and rising labor costs, while financial expenses decreased by 64.04% due to improved cash management [5] Accounts Receivable and Cash Flow - Accounts receivable reached 324 million yuan, an increase of 33.45% year-on-year, with a ratio to profit of 438.38%, raising concerns about collection risks [6] - Operating cash flow per share was -0.28 yuan, a decrease of 24.94% year-on-year, indicating significant cash flow pressure during business expansion [6] Investment and Financing Activities - Net cash flow from investment activities increased by 93.55% year-on-year, mainly due to the maturity of large certificates of deposit from the previous year [7] - Net cash flow from financing activities decreased by 170.86% year-on-year, primarily due to an increase in dividend distribution compared to the previous year [7] Industry and Market Position - The company maintains a leading position in sectors such as electricity, defense, railways, and government emergency services, with a 75% coverage rate in the national power grid and significant market share in various power generation groups [8] - Its subsidiary, Yiyong Shidian, serves over sixty pumped storage power stations, holding more than 65% of the existing market share, while another subsidiary, Saikang Intelligent, leads in the market for visual diagnosis of electrical equipment [8] Core Competitiveness - The company focuses on technological research and development, holding 538 valid intellectual property rights [9] - It has a strong industry foundation and a service system that ensures round-the-clock response, regular inspections, and data analysis to guarantee equipment operational safety [9]

Group 1 - Company announced the termination of its plan to issue convertible bonds, originally intended to raise no more than 493 million yuan for semiconductor-related projects and working capital [1] - The decision to withdraw the application was based on changes in the external environment and the company's overall development strategy [1] - The company had previously faced inquiries from the Shanghai Stock Exchange regarding its fundraising plans [1] Group 2 - The company plans to invest 460 million yuan to expand its process exhaust treatment equipment production line and add vacuum/temperature control equipment business [1] - The utilization rate of the new process exhaust treatment equipment is projected to be only 63.62% in 2024, indicating potential challenges in absorbing new production capacity due to cyclical fluctuations in the semiconductor industry [1] - As of the end of 2024, accounts receivable aged over one year accounted for 46.53%, with the company's accounts receivable turnover rate below the industry average [1] Group 3 - The overdue rate of accounts receivable reached 20.98% by the end of February 2025, raising concerns about the company's credit risk [1] - The company's bad debt provision ratio is 2.6% higher than the industry average, despite having similar policies to comparable companies [1] - The presence of customers with litigation or bankruptcy issues has contributed to an accumulating risk in customer repayments, highlighting a mismatch between revenue recognition timing and cash flow [1]

Core Insights - The company reported a total revenue of 612 million yuan for the first half of 2025, representing a year-on-year increase of 7.32%. However, the net profit attributable to shareholders decreased by 32.33% to 27.61 million yuan, indicating a decline in profitability despite revenue growth [1][6]. Financial Performance - In Q2, the total revenue was 340 million yuan, up 11.72% year-on-year, while the net profit attributable to shareholders fell by 14.91% to 16.52 million yuan. The non-recurring net profit also decreased by 21.29% to 14.67 million yuan, highlighting a significant drop in profit despite revenue growth [2][6]. Key Financial Metrics - Gross margin was reported at 12.56%, down 20.9% year-on-year. - Net margin stood at 4.48%, a decrease of 37.48% year-on-year. - Operating expenses accounted for 2.28% of revenue, down 27.58% year-on-year. - Earnings per share decreased by 32.07% to 0.1 yuan, while operating cash flow per share dropped by 81.14% to 0.03 yuan [7]. Accounts Receivable Risk - The company's accounts receivable significantly increased, with the amount reaching 258.09% of the latest annual net profit. This substantial rise poses a potential bad debt risk that requires close monitoring [4][6]. Revenue Composition - Revenue from infrared cutoff filters was 572 million yuan, accounting for 93.39% of total revenue, with a gross margin of 12.22%. - Revenue from biometric recognition filters was 24.02 million yuan, representing 3.93% of total revenue, with a gross margin of 39.88%. - Other revenues totaled 16.46 million yuan, making up 2.69% of total revenue, but with a negative gross margin of 15.47%. - International revenue was 501 million yuan, accounting for 81.89% of total revenue, with a gross margin of 15.09%, while domestic revenue was 111 million yuan, representing 18.11% of total revenue, with a gross margin of 1.12% [8]. Market Outlook - The company is navigating a challenging environment characterized by increased global economic uncertainty and cautious consumer demand. However, resilient demand in the high-end market and growth in emerging markets have contributed to moderate growth in the smartphone market. The company is actively responding to market competition and technological upgrades by diversifying markets, enhancing R&D, and optimizing production processes [5][6].

Core Insights - The company Jinlongyu (002882) reported a total revenue of 2.157 billion yuan for the first half of 2025, representing a year-on-year increase of 32.98%, while the net profit attributable to shareholders decreased by 20.19% to 66.716 million yuan [1] - The second quarter revenue was 1.258 billion yuan, up 34.33% year-on-year, but the net profit for the same period fell by 37.78% to 29.5475 million yuan [1] - The company's accounts receivable is significantly high, with accounts receivable to net profit ratio reaching 1072.08% [1] Financial Performance - Revenue for 2024 was 1.622 billion yuan, while for 2025 it increased to 2.157 billion yuan, showing a growth of 32.98% [1] - Net profit for 2024 was 83.594 million yuan, which dropped to 66.716 million yuan in 2025, a decline of 20.19% [1] - Gross margin decreased from 13.47% in 2024 to 11.18% in 2025, a reduction of 17.00% [1] - Net margin also fell from 5.11% to 3.00%, a decline of 41.33% [1] - Total expenses (selling, administrative, and financial) amounted to 84.3134 million yuan, accounting for 3.91% of revenue, down 14.36% year-on-year [1] Cash Flow and Debt - The company has a healthy cash position with cash assets amounting to 812 million yuan, a 77.10% increase from the previous year [1] - The accounts receivable increased by 25.62% from 1.196 billion yuan to 1.502 billion yuan [1] - Interest-bearing debt rose by 37.28% from 593 million yuan to 814 million yuan [1] Business Model and Operational Efficiency - The company's return on invested capital (ROIC) was 5.47%, indicating average capital returns [1] - The historical median ROIC since the company went public is 10.2%, suggesting better investment returns in the past [1] - The company relies heavily on marketing-driven performance, necessitating a deeper analysis of the underlying drivers [2]