失速的营收与"注水"的利润 智通财经注意到，华源控股的营收持续下滑。上半年，这家公司营收11.62亿元，同比下滑5.68%；第二季度单季营收6亿元，同比下滑7.78%，创近三年最差 季度表现。 智通财经记者 | 陶知闲 2025年上半年的华源控股（002787.SZ），如同一台引擎失灵的旧车，在营收下滑的斜坡上加速坠落。 业务基因的天然缺陷、表面繁华的净利润和不断下滑的营收，这些矛盾日益显现，而新能源业务的破灭终将击破华源控股幻象的40倍市盈率。 数据来源：公司公告、智通财经研究部 营收下滑同时，华源控股的利润表则上演"魔术"。上半年公司净利润4850万元，同比增长15.15%；扣非净利润4590万元，同比增16%。投资者王胜向智通财 经表示，公司净利润增长主要依赖费用缩减，而非主业扩张，盈利持续性存疑。 智通财经对华源控股的利润进行了拆解：其上半年费用总额同比减少2023.39万元，降幅达16%。其中销售费用砍掉14.47%，管理费用压缩6.74%，研发费用 收缩6.06%，财务费用更是下降67.97%。此外，公司费用率也从上年同期的10.92%降至9.84%。 "利润增长完全由费用剪刀裁出，主业造血功能已 ...

Core Viewpoint - The company, Huayuan Holdings, has emerged as a significant player in the increasingly competitive packaging industry through a differentiated development path and strategic layout, showcasing strong resilience and potential in a complex market environment [1] Group 1: Performance and Growth - In 2024, the company achieved a remarkable net profit growth of 739%, and in Q1 2025, the net profit attributable to shareholders increased by 14.91% year-on-year, with a non-recurring net profit growth of 15.8% [1] - The robust performance is attributed to the advantages of a full industry chain layout, continuous R&D innovation, and the company's ability to navigate industry transformation [1] Group 2: Core Business Advantages - Huayuan Holdings specializes in the R&D, production, and sales of packaging products, covering both metal and plastic packaging sectors, with a complete business chain and technical service capabilities [2] - In 2024, the metal packaging business generated revenue of 1.831 billion yuan, accounting for 74.75% of total revenue, while the plastic packaging business contributed 567 million yuan, representing 23.16% [2] - The company has established long-term partnerships with major international clients such as Nippon Paint and AkzoNobel, enhancing its high-end customer resource base [2] Group 3: Market Trends and Innovations - The packaging industry is undergoing a "green transformation," driven by global environmental development concepts and stringent domestic policies, leading to increased demand for biodegradable and low-energy packaging products [3] - The company plans to enhance R&D and production investments in biodegradable plastic packaging products to improve degradation performance and cost competitiveness [3] Group 4: New Market Opportunities - Huayuan Holdings is actively exploring new growth areas, particularly in food packaging and precision structural components for new energy batteries, leveraging its advanced food safety control system and over 400 patented technologies [4] - The company’s overseas market revenue reached 91.91 million yuan in 2024, accounting for 3.25% of total revenue, with a focus on Southeast Asia [4] Group 5: Industry Forecast - According to Grand View Research, the Southeast Asian metal packaging market for food and beverages is projected to grow at a compound annual growth rate of 6.1%, reaching a market size of 5.75 billion USD by 2029 [5]