25H1 公司销售利润率有所下滑。2025H1，公司销售毛利率为 56.90%，同比 -7.73pct；销售净利率为 31.67%，同比-7.90pct；期间费用率为 12.55%， 同比+1.50pct。2025Q2，公司销售毛利率为 58.05%，同比-11.23pct，环比 +2.49pct；销售净利率为 31.50%，同比-13.48%，环比-0.36%。截至 2025 年 6 月 30 日，公司的资产负债率为 40.88%，较 2024 年末提升 6.49pct。 证券研究报告 | 2025年08月27日 兴业银锡（000426.SZ） 优于大市 锡产量受银漫停产影响较大，静待影响消退后盈利修复 公司 25H1 实现归母净利润 8.0 亿元，同比-9.9%。公司 2025 年上半年实现 营收 24.73 亿元，同比+12.50%；实现归母净利润 7.96 亿元，同比-9.93%； 实现扣非归母净利润 8.01 亿元，同比-10.42%。25Q2，公司实现营收 13.24 亿元，同比-7.68%，环比+15.19%；实现归母净利润 4.21 亿元，同比-35.58%， 环比+12.54%；实现扣非归母 ...

Core Viewpoint - The company, Xingye Silver Tin, has shown strong performance with significant growth in revenue and net profit, driven by increased product prices and sales volume in the non-ferrous metal sector [1][2][3]. Financial Performance - In Q1 2025, the company achieved revenue of 1.149 billion yuan, a year-on-year increase of 50.37%, and net profit of 374 million yuan, up 63.22% [1][2]. - For the full year 2024, the company reported revenue of 4.270 billion yuan, a 15.23% increase, and net profit of 1.53 billion yuan, which is a 57.82% rise [2][3]. - The operating cash flow for 2024 and Q1 2025 was 1.815 billion yuan and 1.198 billion yuan, respectively, reflecting increases of 3.75% and 783.78% [3]. Asset Growth - The total assets of the company reached 15.214 billion yuan by the end of Q1 2025, marking a 25.06% increase from the previous year, with a debt-to-asset ratio of 42.34% [1][7]. Resource Expansion - The company has expanded its mineral resource reserves through acquisitions, including the purchase of 70% of Bosheng Mining and 85% of Yubang Mining, enhancing its operational capabilities [5][6]. - Xingye Silver Tin now owns 11 mining subsidiaries, with significant production capacities in silver and tin [5][6]. R&D Investment - In 2024, the company invested 140 million yuan in R&D, a 30.56% increase, representing 3.27% of its revenue [7]. - The number of R&D personnel increased by 46.75% to 226, with R&D staff now making up 18.64% of the workforce [7].