8月20日，嘉华股份发布2025年中报，嘉华股份是农林牧渔行业中的代表性企业，其主营业务包含大豆蛋白、大豆膳食纤维研发、生产、销售。截至8月19 日，嘉华股份股价报收于14.4元，总市值达到23.70亿元。 来源:金融界 从反映盈利质量的指标来看，嘉华股份净利率由2024年上半年的7.39%提升至9.15%，毛利率从13.20%提升至16.00%，净资产收益率为5.64%，同比增长0.12 个百分点，盈利质量整体改善。 从机构持股情况来看，截至2025年上半年，持有嘉华股份股票的机构家数为3家，相比2024年同期的50家减少47家，机构投资者参与度明显下降。 在2025年上半年，嘉华股份的经营业绩呈现收入下降但利润增长的态势，实现营业收入6.81亿元，同比下滑12.86%，归母净利润0.62亿元，同比增长 7.79%。 值得一提的是，嘉华股份市值最高时出现在2022年9月19日，总市值达到40.15亿元。而当前市值为23.70亿元，若要达到历史最高市值，股价需上涨 69.44%。不过，公司在盈利质量改善和财务结构优化方面展现出积极变化。 在经营稳健性方面，嘉华股份面临存货周转效率下降的挑战，存货周转天数为71 ...

Core Insights - Deep Grain Holdings reported a mixed performance in its 2025 interim results, with a slight decline in revenue but a significant increase in net profit [1] Financial Performance - The company achieved operating revenue of 2.384 billion yuan, a year-on-year decrease of 1.33%, while the net profit attributable to shareholders reached 176 million yuan, marking a 36.44% increase [1] - The net profit margin improved from 5.39% in the first half of 2024 to 7.38% in 2025, and the gross profit margin increased from 17.84% to 18.54% [3] - Return on equity (ROE) stood at 3.51%, up by 0.87 percentage points year-on-year [3] Operational Efficiency - The inventory turnover days increased to 349.58 days, a rise of 24.2% compared to the first half of 2024, indicating a need for better inventory management [6] - The net cash flow from operating activities improved to 737 million yuan, a turnaround from a negative 159 million yuan in the same period last year, reflecting a significant enhancement in cash flow [6] - The debt-to-asset ratio was 30.24%, down by 5.37 percentage points year-on-year, suggesting a more robust financial structure and reduced debt pressure [6] Institutional Holdings - As of the first half of 2025, the number of institutional investors holding Deep Grain Holdings' stock decreased to 3, down from 54 in the same period of 2024, indicating a cautious outlook from institutional investors [8] - The company's market capitalization peaked at 13.519 billion yuan on April 24, 2020, and currently stands at 7.964 billion yuan, requiring a 69.75% increase in stock price to reach its historical high [8] - Despite the decline in institutional interest, improvements in profitability and financial structure provide a foundation for future growth [8]