授课框架明晰 :以财务分析基础为先导，分享独家分析工具，剖析鲜活市场案例，总结 对比商业模式…… Next Warren Buffett 饶博士·财报侦探课 教你发现好公司 识别坏公司 为什么要学习财务 分析？ 巴菲特说：每个投资者都要读懂财报 读懂财务报告和会计信息是理性投资的第一步 掌握商业语言、洞察企业是现代投资者的基本功 第一财经与饶钢博士独家开发版权课程 《财报侦探·财务分析与商业价值》 现已上线! 课程简介 致力于让每一位投资者掌握一套 易学好用、落地实战 的上市公司财务分析方法，提升 企业洞察与市场预测能力。 课程体系 从投资场景出发，服务投资目的，财务分析实战有方向。 本课程基于饶钢博士版权课程《财报侦探：发现好公司、排除坏公司的财务分析实务》（国 作登字-2025-A-00106229），配套教材为《简明财务分析：数据背后的商业模式与投资价 值》。 25节系列课程目录 《财报侦探：财务分析与商业价值》 | | 《财务分析与商业价值》 ● 构建金融视角、跃升资本运营的实用操作框架 找到好公司、排除坏公司的实效财务分析方法论 | | | | | | | --- | --- | --- | --- ...

来源：市场资讯 （来源：F金融） 第一部分 尽职调查概述 一、 尽职调查的方法 方法 内容 1、审阅文件资料 通过公司工商注册、财务报告、业务文件、法律合同等各项资料审阅，发现异常及重大问题。 2、参考外部信息 通过网络、行业杂志、业内人士等信息渠道，了解公司及其所处行业的情况。 3、相关人员访谈 与企业内部各层级、各职能人员，以及中介机构的充分沟通。 4、企业实地调查 查看企业厂房、土地、设备、产品和存货等实物资产。 5、小组内部沟通 调查小组成员来自不同背景及专业，其相互沟通也是达成调查目的的方法。 二、 尽职调查遵循的原则 原则 内容 1、证伪原则 站在"中立偏疑"的立场，循着"问题-怀疑-取证"的思路展开尽职调查，用经验和事实来发觉目标企业的投资价值。 2、实事求是原则 要求投资经理依据创业投资机构的投资理念和标准，在客观公正的立场上对目标进行调查，如实反映目标企业的真实情况。 3、事必躬亲原则 要求投资经理一定要亲临目标企业现场，进行实地考察、访谈，亲身体验和感受，而不是根据道听途说下判断。 4、突出重点原则 需要投资经理发现并重点调查目标企业的技术或产品特点，避免陷入眉毛胡子一把抓的境地。 查阅公 ...

Summary of Key Points from the Conference Call Industry or Company Involved - The conference call focuses on the financial analysis and stock selection framework applicable to the A-share and Hong Kong stock markets. Core Insights and Arguments - The core of a company's operational success lies in its ability to generate cash through its main business, supported by corporate governance and management quality, which together determine sustainable performance [1] - When analyzing financial performance, it is crucial to observe the divergence between operating revenue growth and net profit growth to accurately assess true profitability and avoid being misled by short-term high net profit growth [1][8] - A cash flow statement should be central to the stock selection system, with standards set around cash flow generated from core business operations, such as net present value ratio, bargaining power, inventory turnover, and focus on core business [2][16] - The financial analysis and stock selection framework proposed by the team is based on traditional standards of good companies, emphasizing both external performance (cash generation ability) and internal factors (corporate governance and management quality) [3] - The balance sheet can be dissected into three categories: long-term operating assets, working capital, and financial assets, which helps in evaluating available resources [4] - The income statement can be broken down to assess profitability, with net profit derived from operating income, financial investment income, long-term equity investment income, policy subsidies, and other income [5][6] Important but Possibly Overlooked Content - The divergence in growth rates between core and non-core businesses is a significant indicator; for instance, in Q2 2025, the media industry showed a net profit growth of 21% while core business growth was -2%, indicating potential market misjudgment [8] - Evaluating a company's ability to generate cash flow from its core business can be done through various financial metrics, including a refined version of ROA and cash flow content from operating income [9] - Corporate governance and management significantly impact long-term development; companies should ensure that returns from core business exceed those from financial investments and avoid high long-term equity investment ratios with negative returns [10] - The financial structure of short-term debt financing long-term investments can adversely affect long-term strategy and financial safety, particularly in asset-light industries [12] - Differences between A-share and Hong Kong stock markets, such as accounting standards and data disclosure frequency, must be considered when constructing stock selection indicators [14][15] - The cash flow quality-focused strategy has shown strong performance in both the Hong Kong and A-share markets, indicating a growing recognition of the importance of cash flow among investors [17]

Core Insights - The company TBEA (特变电工) reported a total revenue of 48.401 billion yuan for the first half of 2025, reflecting a year-on-year increase of 1.12% and a net profit attributable to shareholders of 3.184 billion yuan, up 5.0% year-on-year [1] Financial Performance - Total revenue for Q2 2025 reached 25.018 billion yuan, marking a 2.96% increase year-on-year, while net profit for the same period was 1.584 billion yuan, showing a significant rise of 52.5% year-on-year [1] - The gross profit margin decreased to 18.52%, down 6.83% year-on-year, while the net profit margin increased to 7.04%, up 2.91% year-on-year [1] - Total operating expenses (sales, management, and financial expenses) amounted to 3.852 billion yuan, accounting for 7.96% of revenue, which is an increase of 1.28% year-on-year [1] - Earnings per share (EPS) increased to 0.63 yuan, a rise of 5.0% year-on-year, while operating cash flow per share decreased to 0.92 yuan, down 12.56% year-on-year [1] Balance Sheet Highlights - Accounts receivable increased to 18.369 billion yuan, up 6.13% year-on-year, with accounts receivable to net profit ratio at 444.25% [1] - Cash and cash equivalents rose to 30.819 billion yuan, reflecting a 27.40% increase year-on-year [1] - Interest-bearing liabilities increased to 52.648 billion yuan, up 11.03% year-on-year [1] Changes in Financial Items - Prepayments increased by 53.97% due to higher raw material reserves and project prepayments [2] - Short-term borrowings rose by 40.93% to meet business needs [2] - The company reported a significant increase in investment income by 13,177.83% due to the sale of part of its renewable energy assets [3] Other Financial Metrics - The company’s return on invested capital (ROIC) was reported at 3.67%, indicating weak capital returns historically [4] - The net cash flow from financing activities increased by 254.99%, attributed to expanded bond issuance and reduced bank loan repayments [4] Fund Holdings - The largest fund holding TBEA shares is the Huatai-PB CSI Photovoltaic Industry ETF, with a current scale of 9.984 billion yuan and a recent net value increase of 0.36% [6]

Financial Performance - Company reported a total revenue of 2.845 billion yuan for the first half of 2025, a decrease of 6.62% year-on-year [1] - Net profit for the same period was 107 million yuan, down 6.69% year-on-year [1] - In Q2 2025, total revenue was 1.404 billion yuan, a decline of 4.12% year-on-year, while net profit increased by 17.66% to 65.95 million yuan [1] Profitability Metrics - Gross margin stood at 17.29%, a decrease of 3.42% compared to the previous year [1] - Net margin improved slightly to 5.01%, an increase of 0.72% year-on-year [1] - Total selling, administrative, and financial expenses amounted to 312 million yuan, accounting for 10.95% of revenue, down 3.01% year-on-year [1] Cash Flow and Assets - Operating cash flow per share increased by 25.52% to 0.12 yuan [1] - Cash and cash equivalents were reported at 666.6 million yuan, a significant increase of 36.79% [1] - Accounts receivable decreased to 2.481 billion yuan, down 11.08% year-on-year [1] Historical Performance and Business Model - Company has a historical median ROIC of 4.25%, indicating weak capital returns [3] - The net profit margin for the previous year was 2.58%, suggesting low added value in products or services [3] - The business model relies heavily on marketing-driven performance, necessitating further investigation into the underlying drivers [3] Accounts Receivable Concerns - Accounts receivable to profit ratio reached 2447.31%, raising concerns about the company's receivables management [3]

Core Viewpoint - China Power Construction (601669) reported mixed financial results for the first half of 2025, with total revenue increasing by 2.6% year-on-year, but net profit declining by 13.81% [1] Financial Performance - Total revenue for the first half of 2025 reached 293.055 billion yuan, up 2.6% from 285.642 billion yuan in the same period of 2024 [1] - Net profit attributable to shareholders was 5.426 billion yuan, down 13.81% from 6.296 billion yuan in 2024 [1] - The gross margin decreased to 11.23%, a decline of 8.36% year-on-year, while the net margin fell to 2.45%, down 16.38% [1] - The company reported a current ratio of 0.9, indicating increased short-term debt pressure [1] Cost and Expense Analysis - Operating costs increased by 3.86%, attributed to business scale growth [4] - Selling expenses rose by 6.5% due to increased marketing efforts, while management expenses grew by 5.4% due to rising depreciation and amortization [4] - Financial expenses increased by 1.07%, primarily due to higher interest costs [5] Cash Flow and Debt Situation - Operating cash flow per share was -2.97 yuan, a decrease of 9.8% year-on-year, reflecting reduced cash inflow from sales [1][6] - The company’s cash flow from investing activities improved by 27.08%, as cash payments for fixed assets and other long-term assets decreased [7] - Financing activities saw a decline of 19.3% in cash flow, mainly due to increased debt repayments [7] Investment and Return Metrics - The company's return on invested capital (ROIC) was 3.57%, indicating weak capital returns historically [8] - The average cash flow to current liabilities ratio over the past three years was only 6.51%, raising concerns about liquidity [9] Fund Holdings - The largest fund holding China Power Construction is the GF CSI Infrastructure Engineering ETF, which has reduced its holdings [10]

Core Viewpoint - The financial performance of Qiangbang New Materials (001279) for the first half of 2025 shows a decline in revenue and net profit compared to the previous year, indicating potential challenges in the company's operations and financial health [1][3]. Financial Performance Summary - Total revenue for the first half of 2025 was 697 million yuan, a decrease of 5.13% year-on-year [1]. - The net profit attributable to shareholders was 31.76 million yuan, down 31.15% year-on-year [1]. - In Q2 2025, total revenue was 336 million yuan, reflecting a 16.36% decline year-on-year, while net profit was 11.11 million yuan, a significant drop of 60.64% [1]. - The gross margin was 9.86%, down 20.15% year-on-year, and the net margin was 4.55%, down 27.43% year-on-year [1]. - The total of selling, administrative, and financial expenses reached 19.39 million yuan, accounting for 2.78% of revenue, an increase of 49.24% year-on-year [1]. - Earnings per share decreased to 0.20 yuan, down 48.36% year-on-year, while the net asset per share increased to 6.20 yuan, up 21.32% year-on-year [1]. Cash Flow and Financial Ratios - The net cash flow from operating activities showed a dramatic increase of 7812.26%, attributed to the issuance of acceptance bills that extended payment periods [3]. - Investment activities generated a negative cash flow change of -1221.51%, due to purchases of financial products and fixed assets [3]. - Financing activities also saw a significant decrease in cash flow of -655.33%, primarily due to dividend payments [3]. - The company’s return on invested capital (ROIC) was 10.27%, indicating average capital returns, while the historical median ROIC since listing was 19.25% [4]. Accounts Receivable and Impairment - The accounts receivable amount was significant, with accounts receivable to net profit ratio reaching 274.29%, raising concerns about cash collection efficiency [1][4]. - Credit impairment losses increased by 39.05%, but the company reported a decrease in bad debt losses related to accounts receivable [3][4]. - Asset impairment losses saw a substantial increase of -183.63%, primarily due to increased provisions for inventory write-downs [4].

Core Viewpoint - Colin Electric (603050) reported a strong performance in its 2025 mid-year financial results, with significant increases in revenue and net profit compared to the previous year, although some financial metrics showed declines [1]. Financial Performance - Total revenue for the first half of 2025 reached 2.144 billion yuan, a year-on-year increase of 21.89% [1]. - Net profit attributable to shareholders was 161 million yuan, up 13.29% year-on-year [1]. - In Q2 2025, total revenue was 1.232 billion yuan, reflecting a 22.39% increase year-on-year, while net profit for the quarter was 88.1 million yuan, up 17.83% [1]. - Gross margin was 21.24%, down 7.76% year-on-year, and net margin was 7.5%, down 7.98% year-on-year [1]. - Total expenses (selling, administrative, and financial) amounted to 195 million yuan, accounting for 9.11% of revenue, a decrease of 5.5% year-on-year [1]. Balance Sheet Highlights - Accounts receivable increased to 2.506 billion yuan, a 20.35% rise year-on-year, with accounts receivable to net profit ratio at 1409.01% [1][8]. - Cash and cash equivalents decreased by 61.47% to 274 million yuan due to net repayment of bank loans [1][5]. - Interest-bearing debt decreased by 40% to 752 million yuan [1]. Cash Flow Analysis - Operating cash flow improved significantly, with a net change of 65.92%, attributed to better supply chain and accounts receivable management [4]. - Investment cash flow increased by 68.75%, due to reduced payments for new factory construction [4]. - Financing cash flow saw a drastic decline of 359.73%, primarily due to net repayment of bank loans [5]. Business Model and Market Position - The company's performance is primarily driven by research and marketing efforts, indicating a need for thorough analysis of these underlying drivers [7]. - Historical return on invested capital (ROIC) was 7.88%, suggesting average capital returns, with a median ROIC of 7.91% since its listing [6].

Core Viewpoint - Yongji Co., Ltd. reported mixed financial results for the first half of 2025, with revenue growth but a significant decline in net profit, indicating potential challenges in profitability and cash flow management [1][8]. Financial Performance Summary - Total revenue for the first half of 2025 reached 428 million yuan, an increase of 11.91% year-on-year [1]. - Net profit attributable to shareholders was 56.61 million yuan, down 27.67% compared to the previous year [1]. - The second quarter saw total revenue of 201 million yuan, up 27.06% year-on-year, but net profit dropped 49.2% to 19.18 million yuan [1]. - Gross margin decreased to 32.8%, down 24.95% year-on-year, while net margin fell to 14.67%, a decline of 31.94% [1]. - Total expenses (selling, administrative, and financial) amounted to 63.05 million yuan, accounting for 14.74% of revenue, an increase of 4.24% year-on-year [1]. Key Financial Metrics - Earnings per share (EPS) decreased to 0.13 yuan, down 28.41% year-on-year [1]. - Operating cash flow per share improved to 0.45 yuan, an increase of 54.79% year-on-year [1]. - The company's net assets per share rose to 2.88 yuan, up 9.02% year-on-year [1]. Accounts Receivable and Cash Flow - Accounts receivable represented 108.92% of the latest annual net profit, indicating a significant amount of outstanding payments [8]. - The company experienced a 42.09% decrease in accounts receivable due to increased customer payments [2]. - Cash flow from operating activities increased by 54.76%, attributed to higher cash collections from customers [7]. Investment and Financing Activities - The company reported a 110.98% increase in short-term borrowings, reflecting a rise in working capital loans [5]. - Cash flow from investing activities decreased by 122.25%, due to increased cash payments for acquisitions [7]. - Cash flow from financing activities fell by 86.11%, primarily due to higher debt repayments [7]. Business Evaluation - The company's return on invested capital (ROIC) was 11.13%, indicating average capital returns [7]. - Historical data shows a median ROIC of 12.32% since its listing, with the lowest ROIC recorded at 2.53% in 2022 [7].

Core Viewpoint - Tianyuan Co., Ltd. reported a decline in revenue and net profit for the first half of 2025, with a notable increase in profitability metrics such as gross margin and net margin [1] Financial Performance - Total revenue for the first half of 2025 was 497 million yuan, a decrease of 19.55% year-on-year [1] - Net profit attributable to shareholders was 31.46 million yuan, down 6.12% year-on-year [1] - In Q2 2025, total revenue was 273 million yuan, a decline of 11.5% year-on-year, while net profit increased by 4.45% to 17.07 million yuan [1] - Gross margin improved to 20.84%, an increase of 18.99% year-on-year, and net margin rose to 6.27%, up 17.77% year-on-year [1] Cost and Expenses - Total selling, administrative, and financial expenses amounted to 42.76 million yuan, accounting for 8.61% of revenue, which is a 27.24% increase year-on-year [1] - Earnings per share decreased by 5.21% to 0.18 yuan, while operating cash flow per share increased by 6.6% to 0.71 yuan [1] Asset and Liability Changes - Significant changes in financial items include a 2016.13% increase in right-of-use assets due to increased leased properties [2] - Accounts receivable decreased by 9.14% to 156 million yuan, while cash and cash equivalents decreased by 9.31% to 125 million yuan [1][2] - The company saw a 190.01% increase in accounts payable, attributed to increased settlements with suppliers via notes [2] Cash Flow and Investment - Net cash flow from investing activities decreased by 48.58%, primarily due to reduced amounts used for investment and wealth management [4] - Net cash flow from financing activities decreased by 137.9%, due to reduced borrowing and increased dividend payments [4] - The net increase in cash and cash equivalents rose by 75.45%, reflecting a decrease in investment amounts [4] Business Model and Performance Metrics - The company's return on invested capital (ROIC) was 4.59%, indicating weak capital returns, with a historical median ROIC of 10.43% since its listing [4] - The business model relies heavily on research and development, necessitating further investigation into the underlying drivers of this approach [4] - Recommendations include monitoring cash flow status and accounts receivable, with the latter reaching 244.49% of profit [4]