| 项目 | 2024年中报 | 2025年中报 | 同比增幅 | | --- | --- | --- | --- | | 营业总收入(元) | 4.19亿 | 6.18亿 | 47.45% | | 归母净利润(元) | 1652.79万 | 3736.03万 | 126.04% | | 扣非净利润(元) | 1390.65万 | 3566.56万 | 156.47% | | 货币资金(元) | 3.75亿 | 4.98 亿 | 32.70% | | 应收账款(元) | 6.81亿 | 8.63亿 | 26.80% | | 有息负债(元) | 5.54亿 | 7.62亿 | 37.60% | | 毛利率 | 26.71% | 29.61% | 10.85% | | 净利率 | 3.93% | 6.27% | 59.46% | | 三费占营收比 | 19.68% | 16.73% | -15.01% | | 每股净资产 (元) | 2.86 | 3.01 | 5.09% | | 每股收益(元) | 0.03 | 0.07 | 129.25% | | 每股经营性现金流(元) | -0.05 | 0.24 | 55 ...

财报体检工具显示： 1. 建议关注公司现金流状况（货币资金/流动负债仅为59.89%） 分析师工具显示：证券研究员普遍预期2025年业绩在18.55亿元，每股收益均值在2.0元。 据证券之星公开数据整理，近期亚钾国际（000893）发布2025年中报。截至本报告期末，公司营业总收 入25.22亿元，同比上升48.54%，归母净利润8.55亿元，同比上升216.64%。按单季度数据看，第二季度 营业总收入13.09亿元，同比上升23.0%，第二季度归母净利润4.7亿元，同比上升149.17%。本报告期亚 钾国际盈利能力上升，毛利率同比增幅17.21%，净利率同比增幅125.65%。 本次财报公布的各项数据指标表现尚佳。其中，毛利率57.5%，同比增17.21%，净利率33.82%，同比增 125.65%，销售费用、管理费用、财务费用总计2.88亿元，三费占营收比11.43%，同比减40.42%，每股 净资产13.58元，同比增9.83%，每股经营性现金流0.9元，同比增220.31%，每股收益0.94元，同比增 220.7% | 项目 | 2024年中报 | 2025年中报 | 同比增幅 | | --- | - ...

Core Viewpoint - Sanmei Co., Ltd. reported strong financial performance for the first half of 2025, with significant increases in revenue and net profit, indicating robust growth and improved profitability metrics [1]. Financial Performance - Total revenue reached 2.828 billion yuan, a year-on-year increase of 38.58% [1] - Net profit attributable to shareholders was 999.5 million yuan, up 159.22% year-on-year [1] - In Q2 alone, revenue was 1.616 billion yuan, reflecting a 49.36% increase year-on-year, while net profit for the quarter was 594 million yuan, up 158.98% [1] - Gross margin improved to 49.5%, with a year-on-year increase of 83.96%, and net margin reached 34.96%, up 85.89% [1] Cost and Expenses - Total selling, administrative, and financial expenses amounted to 107 million yuan, accounting for 3.8% of revenue, which is a 142.49% increase year-on-year [1] - Operating cash flow per share increased significantly to 1.55 yuan, a 487.5% rise year-on-year [1] - Earnings per share rose to 1.63 yuan, marking a 158.73% increase year-on-year [1] Changes in Financial Items - Accounts receivable increased by 71.75% due to rising sales prices [2] - Prepayments surged by 157.61% due to increased advance payments for design fees, software fees, and goods [4] - Other receivables decreased by 22.03% as land guarantee deposits were recovered [5] - Long-term equity investments rose by 28.46% due to increased capital contributions and investment income [5] - Construction in progress increased by 45.19% due to significant investments in fluoropolymer projects [5] Liabilities and Cash Flow - Accounts payable increased by 50.42% due to higher payable engineering, equipment, and goods [7] - Contract liabilities surged by 43.99% due to increased advance payments for goods [9] - Tax liabilities rose by 168.3% as a result of increased operating income and corresponding taxes [9] - Net cash flow from operating activities increased by 487.5% due to higher cash receipts from sales [18] - Financing cash flow increased by 188.07% due to higher bank borrowings and employee stock plan contributions [19] Investment and Market Position - The company's return on invested capital (ROIC) was 11.11%, indicating average capital returns [20] - Analysts expect 2025 performance to reach 2.08 billion yuan, with an average earnings per share forecast of 3.41 yuan [22] - The largest fund holding in Sanmei Co., Ltd. is the E Fund Innovation Growth Mixed Fund, with a current scale of 2.268 billion yuan [23]

Core Insights - ST Yuancheng reported a total revenue of 36.01 million yuan for Q1 2025, representing a year-on-year increase of 25.34%, while the net profit attributable to shareholders was -25.32 million yuan, a decrease of 12.76% compared to the previous year [1] - The company's gross margin improved significantly, with a year-on-year increase of 76.44%, while the net margin also saw an increase of 18.59% [1] - The financial health indicators show a concerning trend, with cash flow and net assets declining, indicating potential liquidity issues [3] Financial Performance - Total revenue for Q1 2025 was 36.01 million yuan, up from 28.73 million yuan in Q1 2024, marking a 25.34% increase [1] - The net profit attributable to shareholders for Q1 2025 was -25.32 million yuan, compared to -22.46 million yuan in Q1 2024, reflecting a decline of 12.76% [1] - The gross margin for Q1 2025 was -1.45%, an improvement from -6.16% in Q1 2024, showing a 76.44% increase [1] - The net margin for Q1 2025 was -72.55%, improved from -89.11% in Q1 2024, indicating an 18.59% increase [1] Cash Flow and Debt Analysis - The company's cash and cash equivalents decreased significantly to 10.99 million yuan, down 70.93% from 37.82 million yuan in the previous year [1] - The accounts receivable increased by 38.16%, rising from 648 million yuan to 895.7 million yuan [1] - The company has a debt ratio of 23.12% for interest-bearing liabilities, indicating a need for careful monitoring of its debt situation [3] Operational Efficiency - The total of selling, administrative, and financial expenses was 19.70 million yuan, accounting for 54.7% of revenue, a decrease of 11.54% year-on-year [1] - The earnings per share for Q1 2025 was -0.08 yuan, a decrease of 14.29% from -0.07 yuan in Q1 2024 [1] - The operating cash flow per share improved to 0.02 yuan, a significant increase of 109.88% from -0.17 yuan in the previous year [1]