珠江股份（600684.SH）2025 年三季报点评 营收归母净利双增长，多渠道补充公司流动性 2025 年 11 月 02 日 ➢ 营收维持正增长，归母净利因持有 A 股股票增值大幅提升。截至 2025 年三 季度，公司实现营业收入 11.69 亿元，同比提升 3.3%；截至 2025 年三季度， 公司实现归母净利润 5036.10 万元，同比大幅提升 60%，主要是随着 A 股市场 回暖，公司持有的股票资产二级市场股价上涨，公允价值变动收益较上年同期增 加所致；截至 2025 年三季度，公司实现扣非归母净利 2067.00 万元，同比下降 38.78%，主要是受市场环境及经营成本增加的影响，公司毛利率降低所致。 ➢ 多因素影响经营性现金流由正转负，公司出售股票资产有效补充现金流。截 至 2025 年三季度，公司实现经营性现金流-1.23 亿元，较 2024 年同期转负， 主要系 2024 年收回坑口联社旧改项目相关保证金及前期经费，且截至 2025 年 三季度末购买商品、接受劳务支付的现金较上年同期增加所致；2025 年 10 月 28 日公司发布公告，于 2025 年 9 月 29 日至 10 月 24 ...

Financial Performance - The company reported a total revenue of 743 million yuan for the first half of 2025, representing a year-on-year increase of 12.01% [1] - The net profit attributable to shareholders reached 19.48 million yuan, a significant increase of 412.36% compared to the previous year [1] - In Q2 2025, the revenue was 398 million yuan, up 16.68% year-on-year, while the net profit for the same quarter was 13.99 million yuan, reflecting a 478.32% increase [1] - The gross margin decreased to 15.6%, down 23.89% year-on-year, while the net margin improved to 2.89%, a 503.99% increase [1] - The company's accounts receivable rose by 33.65% year-on-year, indicating potential liquidity concerns [1] Operational Insights - The company has a cyclical performance history, with a return on invested capital (ROIC) of 3.67% last year, which is considered weak [3] - The company has experienced four loss years since its listing, suggesting a generally poor financial track record [3] - The company’s cash assets are reported to be healthy, but the cash flow situation requires attention, as the average operating cash flow over the past three years has been negative [3] Market Position and Growth - The company is one of the largest sports operation service providers in China, benefiting from a recovery in the large-scale performance market, which has positively impacted its revenue [4] - In 2024, the company’s sports venue operations generated 374 million yuan in revenue, a 16.95% increase year-on-year, with a record number of events hosted [5] - The company aims to enhance its competitive edge in the venue management market by developing proprietary brand IP events and improving event quality [5]