2025 年收入同比增长 6.05%，归母净利润同比增长 7.03%。公司 2025 年上 半年实现收入 29.60 亿元，同比增长 6.05%，归母净利润 4.67 亿元，同 比增长 7.03%，扣非归母利润 4.39 亿元，同比增长 9.08%，其中二季度 收入 16.73 亿元，同比增长 4.62%，归母净利润 3.31 亿元，同比增长 8.89%，增长稳健。同期经营活动现金流净额约 1.75 亿元，去年同期 0.22 亿元，增长显著，业务质量显著改善。 证券研究报告 | 2025年08月26日 华测检测（300012.SZ） 优于大市 二季度归母净利润同比增长 8.89%，加速推进海外战略并购 消费品测试、贸易保障收入实现双位数增长，其他业务增速或逐步回升。2 025年上半年生命科学/工业测试/消费品测试/贸易保障/医药及医学服 务收入分别为12.73/6.01/5.22/4.26/1.37亿元，同比增速分别为1.11% /7.47%/13.15%/13.48%/1.30%，毛利率分别为51.16%/43.38%/41.47%/7 3.32%/19.40%，同比变动+1.74/-2.07/-1.76/ ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [8]. Core Views - The company, HuaCe Testing, forecasts a net profit attributable to shareholders of 463-471 million yuan for the first half of 2025, representing a year-on-year increase of 6.06%-7.80%. For Q2, the net profit is expected to be 327-334 million yuan, reflecting a year-on-year growth of 7.5%-10.0%. This performance demonstrates the resilience of the company as a comprehensive national testing institution amidst macroeconomic pressures [2][6][7]. Summary by Sections Revenue Performance - In 2024, the environmental testing sector experienced high growth due to the third national soil survey, but this is expected to decline in 2025, creating revenue growth pressure. The company is countering this by enhancing marine environmental monitoring and other emerging demands. The food and agricultural testing sector is driven by innovation, while industrial product testing is seeing improvements in gross margins due to upgrades in construction testing services [7]. Profitability - The company is advancing lean management practices and exploring AI, digitalization, and automation to enhance operational efficiency. The implementation of a "Talent Refinement Plan" aims to continuously improve organizational capabilities and innovation vitality, contributing to steady net profit growth [7]. International Expansion - The company is actively pursuing international acquisitions, including a planned acquisition of South Africa's Safety SA, which is expected to enhance its service capabilities in Africa. This acquisition is part of the company's broader internationalization strategy [7][13]. Financial Forecast - Revenue projections for 2025-2027 are 6.521 billion yuan, 7.191 billion yuan, and 7.921 billion yuan, with year-on-year growth rates of 7.18%, 10.28%, and 10.15%, respectively. Net profit attributable to shareholders is forecasted to be 1.014 billion yuan, 1.143 billion yuan, and 1.287 billion yuan for the same period, with corresponding growth rates of 10.1%, 12.6%, and 12.7%. The price-to-earnings (PE) ratios are estimated at 20.0x, 17.8x, and 15.8x [7][13].