中商官网
研究报告
值得买（300785）
主要经济指标
| 类别\年份 | 营业收入 （元) |
营业收入同比 （%) |
营业利润 （元) |
营业利润同比 （%) |
利润总额 （元) |
利润总额同比 （%) |
净利润 （元) |
净利润同比 （%) |
| 2025-03-31 | 268000000.0000 | -9.46 | -10555300.0000 | 1.16 | -10566700.0000 | -48.12 | -8243900.0000 | -61.59 |
| 2024-09-30 | 1012000000.0000 | 5.53 | 17385500.0000 | 6.33 | 7152800.0000 | -54.99 | 6582000.0000 | -57.64 |
| 2024-06-30 | 716000000.0000 | 5.76 | 20973400.0000 | -34.80 | 10673300.0000 | -65.69 | 9250900.0000 | -69.46 |
| 2024-12-31 | 1518000000.0000 | 4.55 | 82943100.0000 | -0.43 | 71753300.0000 | -11.01 | 80447300.0000 | 1.30 |
| 2024-03-31 | 296000000.0000 | 16.54 | -10433800.0000 | -2323.27 | -20366900.0000 | -4274.40 | -21462400.0000 | -3797.86 |
| 2023-12-31 | 1452000000.0000 | 18.24 | 83303300.0000 | -17.52 | 80628900.0000 | -18.78 | 79417100.0000 | -5.89 |
| 2023-09-30 | 959000000.0000 | 17.67 | 16350300.0000 | -45.68 | 15889900.0000 | -45.63 | 15536900.0000 | -41.40 |
| 2023-03-31 | 254000000.0000 | 1.20 | 469300.0000 | -102.16 | 487900.0000 | -102.24 | 580400.0000 | -102.61 |
| 2022-12-31 | 1228000000.0000 | -12.47 | 101000000.0000 | -52.13 | 99275600.0000 | -50.61 | 84384600.0000 | -52.59 |
| 2023-06-30 | 677000000.0000 | 11.72 | 32167300.0000 | 40.72 | 31109600.0000 | 37.13 | 30287100.0000 | 43.91 |
| 2022-09-30 | 815000000.0000 | -11.80 | 30101500.0000 | -75.12 | 29226000.0000 | -75.23 | 26514000.0000 | -74.01 |
| 2022-03-31 | 251000000.0000 | 6.81 | -21754700.0000 | -171.82 | -21791600.0000 | -172.00 | -22277500.0000 | -187.21 |
| 2022-06-30 | 606000000.0000 | -4.11 | 22859400.0000 | -76.86 | 22685700.0000 | -77.00 | 21046200.0000 | -74.95 |
| 2021-06-30 | 632000000.0000 | 74.10 | 98786300.0000 | 25.17 | 98644000.0000 | 26.37 | 84032600.0000 | 22.59 |
| 2021-09-30 | 924000000.0000 | 69.54 | 121000000.0000 | 22.33 | 118000000.0000 | 20.46 | 102000000.0000 | 19.90 |
| 2021-12-31 | 1403000000.0000 | 54.18 | 211000000.0000 | 18.54 | 201000000.0000 | 13.56 | 178000000.0000 | 13.38 |
| 2021-03-31 | 235000000.0000 | 85.04 | 30289200.0000 | 42.64 | 30265400.0000 | 47.01 | 25543900.0000 | 34.54 |
| 2020-12-31 | 910000000.0000 | 37.46 | 178000000.0000 | 36.92 | 177000000.0000 | 36.15 | 157000000.0000 | 31.93 |
| 2020-03-31 | 127000000.0000 | 23.30 | 21234000.0000 | 9.26 | 20587600.0000 | 5.65 | 18985800.0000 | 4.65 |
| 2020-09-30 | 545000000.0000 | 34.57 | 98914200.0000 | 46.04 | 97960100.0000 | 44.32 | 85071200.0000 | 37.84 |
| 2020-06-30 | 363000000.0000 | 32.97 | 78920500.0000 | 51.12 | 78057800.0000 | 49.05 | 68548200.0000 | 46.44 |
| 2019-09-30 | 405000000.0000 | 35.45 | 67732000.0000 | 53.58 | 67874900.0000 | 53.11 | 61716300.0000 | 62.05 |
| 2019-06-30 | 273000000.0000 | 37.88 | 52224400.0000 | 12.83 | 52369100.0000 | 12.59 | 46808400.0000 | 15.09 |
| 2019-12-31 | 662000000.0000 | 30.31 | 130000000.0000 | 22.64 | 130000000.0000 | 22.64 | 119000000.0000 | 24.32 |
| 2018-12-31 | 508000000.0000 | 38.42 | 106000000.0000 | 6.60 | 106000000.0000 | 6.72 | 95719200.0000 | 10.99 |
| 2019-03-31 | 103000000.0000 | 29.72 | 19435000.0000 | 4.19 | 19487100.0000 | 4.71 | 18142500.0000 | 8.77 |
| 2018-09-30 | 299000000.0000 | -- | 44101900.0000 | -- | 44329700.0000 | -- | 38085600.0000 | -- |
| 2018-03-31 | 79400600.0000 | -- | 18653000.0000 | -- | 18610400.0000 | -- | 16680400.0000 | -- |
| 2018-06-30 | 198000000.0000 | -- | 46287600.0000 | -- | 46514400.0000 | -- | 40672600.0000 | -- |
| 2017-12-31 | 367000000.0000 | 82.59 | 99438500.0000 | 147.99 | 99328700.0000 | 143.25 | 86241400.0000 | 145.26 |
| 2016-12-31 | 201000000.0000 | 106.58 | 40098200.0000 | 69.25 | 40833300.0000 | 78.88 | 35163700.0000 | 81.76 |
| 2015-12-31 | 97298900.0000 | 94.51 | 23691600.0000 | 26.91 | 22826700.0000 | 22.28 | 19345900.0000 | 18.40 |
| 2014-12-31 | 50023700.0000 | -- | 18667300.0000 | -- | 18667300.0000 | -- | 16339600.0000 | -- |
| 2025-06-30 | 582000000.0000 | -18.72 | 9120900.0000 | -56.51 | 8953300.0000 | -16.11 | 13514300.0000 | 46.09 |
| 2025-09-30 | 806000000.0000 | -20.36 | 4805900.0000 | -72.36 | 5040500.0000 | -29.53 | 14493500.0000 | 120.20 |
| 2025-12-31 | 1288000000.0000 | -15.15 | 91145600.0000 | 9.89 | 90114300.0000 | 25.59 | 92029200.0000 | 14.40 |
| 2026-03-31 | 272000000.0000 | 1.49 | 2594200.0000 | -124.58 | 2387800.0000 | -122.60 | 4527600.0000 | -154.92 |
盈利能力分析
| 类别\年份 | 销售毛利率 （%) |
营业利润率 （%) |
总资产利润率 （%) |
净资产收益率 | 存货周转率 | 应收账款周转率 （次) |
总资产周转率 （次) |
| 2025-03 | -5.22 | -3.94 | -0.44 | -0.4500 | 7.6300 | 2.08 | 0.11 |
| 2024-09 | 0.79 | 0.71 | 0.31 | 0.2100 | 29.3300 | 2.59 | 0.44 |
| 2024-06 | 1.96 | 1.49 | 0.48 | 0.4100 | 18.0200 | 2.61 | 0.32 |
| 2024-12 | 4.28 | 4.73 | 2.95 | 4.0100 | 43.5900 | 2.87 | 0.62 |
| 2024-03 | -4.73 | -6.88 | -0.94 | -1.2300 | 14.1800 | 2.44 | 0.14 |
| 2023-12 | 4.55 | 5.55 | 3.56 | 4.1200 | 46.1300 | 3.04 | 0.64 |
| 2023-09 | 0.31 | 1.66 | 0.74 | 0.7800 | 50.6500 | 2.95 | 0.45 |
| 2023-03 | -1.18 | 0.19 | 0.02 | -0.0400 | 8.6700 | 2.44 | 0.11 |
| 2022-12 | 6.60 | 8.08 | 4.37 | 4.7200 | 38.3000 | 2.83 | 0.54 |
| 2023-06 | 3.10 | 4.60 | 1.37 | 1.5500 | 20.4600 | 2.76 | 0.30 |
| 2022-09 | 1.60 | 3.59 | 1.37 | 1.4400 | 31.5000 | 2.65 | 0.38 |
| 2022-03 | -9.96 | -8.68 | -1.04 | -1.2300 | 12.2400 | 2.44 | 0.12 |
| 2022-06 | 2.31 | 3.74 | 1.05 | 1.0900 | 28.0800 | 2.54 | 0.28 |
| 2021-06 | 14.40 | 15.61 | 4.68 | 4.9900 | 25.1500 | 4.14 | 0.30 |
| 2021-09 | 11.80 | 12.77 | 5.72 | 6.1100 | 20.6400 | 4.35 | 0.45 |
| 2021-12 | 13.47 | 14.33 | 9.01 | 10.5900 | 56.2700 | 4.07 | 0.63 |
| 2021-03 | 11.06 | 12.88 | 1.54 | 1.5500 | 12.1800 | 3.70 | 0.12 |
| 2020-12 | 17.58 | 19.45 | 8.99 | 18.6300 | 47.0400 | 3.97 | 0.46 |
| 2020-03 | 12.60 | 16.21 | 2.07 | 2.5000 | 8.7000 | 2.62 | 0.13 |
| 2020-09 | 15.60 | 17.97 | 8.91 | 10.4000 | 41.6200 | 3.77 | 0.50 |
| 2020-06 | 18.46 | 21.50 | 6.99 | 8.6500 | 23.7800 | 3.39 | 0.33 |
| 2019-09 | 15.56 | 16.76 | 7.75 | 14.7800 | 61.2000 | 3.88 | 0.46 |
| 2019-06 | 18.32 | 19.18 | 9.81 | 13.6600 | 62.2300 | 3.52 | 0.51 |
| 2019-12 | 17.52 | 19.64 | 12.51 | 23.4500 | 67.0600 | 3.90 | 0.64 |
| 2018-12 | 18.90 | 20.87 | 20.46 | 31.7100 | 76.9100 | 4.69 | 0.98 |
| 2019-03 | 17.58 | 18.92 | 3.99 | 5.3900 | 27.4400 | 2.93 | 0.21 |
| 2018-09 | 13.71 | 14.83 | -- | -- | -- | -- | -- |
| 2018-03 | 22.21 | 23.44 | -- | 6.3600 | -- | -- | -- |
| 2018-06 | 22.22 | 23.49 | -- | 14.8300 | -- | -- | -- |
| 2017-12 | 24.52 | 27.07 | 29.56 | 39.7700 | 42.1600 | 4.88 | 1.09 |
| 2016-12 | 18.41 | 20.32 | 18.48 | 21.8200 | 478.4500 | 3.61 | 0.91 |
| 2015-12 | 23.92 | 23.46 | 13.43 | 32.6700 | 193.2700 | 3.55 | 0.57 |
| 2014-12 | 37.26 | 37.32 | 53.07 | 125.2900 | -- | 3.34 | 1.42 |
| 2025-06 | 1.03 | 1.54 | 0.37 | 0.6700 | 16.2100 | 2.11 | 0.24 |
| 2025-09 | 0.00 | 0.63 | 0.21 | 0.7100 | 28.0300 | 1.98 | 0.34 |
| 2025-12 | 5.51 | 7.00 | -- | -- | -- | -- | -- |
| 2026-03 | -0.74 | 0.88 | -- | -- | -- | -- | -- |
偿债能力分析
| 类别\年份 | 资产负债率 （%) |
股东权益比率 （%) |
流动比率 | 速动比率 |
| 2025-03 | 21.20 | 78.80 | 4.6700 | 4.3500 |
| 2024-09 | 19.17 | 80.88 | 5.0600 | 4.5800 |
| 2024-06 | 17.90 | 82.15 | 5.1200 | 4.7100 |
| 2024-12 | 21.23 | 78.77 | 4.1100 | 3.8500 |
| 2024-03 | 14.65 | 85.35 | 6.7500 | 6.3200 |
| 2023-12 | 17.72 | 82.28 | 5.0300 | 4.7200 |
| 2023-09 | 16.02 | 83.98 | 5.8600 | 5.5200 |
| 2023-03 | 18.11 | 81.89 | 5.0100 | 4.7400 |
| 2022-12 | 20.43 | 79.57 | 4.3300 | 4.1100 |
| 2023-06 | 20.18 | 79.82 | 4.3000 | 4.0600 |
| 2022-09 | 17.35 | 82.65 | 6.3100 | 6.0300 |
| 2022-03 | 15.99 | 84.01 | 7.4300 | 7.1000 |
| 2022-06 | 18.57 | 81.43 | 5.7300 | 5.4900 |
| 2021-06 | 18.68 | 81.32 | 6.8800 | 6.6600 |
| 2021-09 | 15.86 | 84.19 | 8.8700 | 8.4300 |
| 2021-12 | 20.25 | 79.75 | 5.1800 | 4.9700 |
| 2021-03 | 14.21 | 85.84 | 10.3600 | 9.9700 |
| 2020-12 | 16.01 | 83.99 | 8.5100 | 8.3000 |
| 2020-03 | 22.46 | 77.54 | 7.5500 | 7.3000 |
| 2020-09 | 21.66 | 78.34 | 6.9800 | 6.7000 |
| 2020-06 | 25.18 | 74.91 | 5.3100 | 5.1400 |
| 2019-09 | 20.78 | 79.22 | 7.3000 | 7.1200 |
| 2019-06 | 34.64 | 65.36 | 3.4300 | 3.2700 |
| 2019-12 | 27.82 | 72.28 | 4.7000 | 4.5400 |
| 2018-12 | 36.68 | 63.32 | 3.1900 | 1.5400 |
| 2019-03 | 29.10 | 70.90 | 5.6800 | 5.2800 |
| 2018-09 | -- | -- | -- | -- |
| 2018-03 | -- | -- | -- | -- |
| 2018-06 | -- | -- | -- | -- |
| 2017-12 | 24.28 | 75.60 | 4.3900 | 2.3300 |
| 2016-12 | 21.21 | 78.73 | 4.8500 | 3.0300 |
| 2015-12 | 14.75 | 85.29 | 6.9400 | 2.1300 |
| 2014-12 | 39.70 | 60.30 | 2.4800 | 2.2700 |
| 2025-06 | 22.36 | 77.68 | 4.4000 | 4.1700 |
| 2025-09 | 20.53 | 79.47 | 5.1000 | 4.7700 |
| 2025-12 | -- | -- | -- | -- |
| 2026-03 | -- | -- | -- | -- |
成本费用分析
| 类别\年份 | 营业成本 （元) |
销售费用 （元) |
管理费用 （元) |
财务费用 （元) |
| 2025-03 | 282000000.0000 | 50090000.0000 | 33514700.0000 | -795000.0000 |
| 2024-09 | 1004000000.0000 | 178000000.0000 | 135000000.0000 | -2132000.0000 |
| 2024-06 | 702000000.0000 | 130000000.0000 | 89851700.0000 | 2193400.0000 |
| 2024-12 | 1453000000.0000 | 251000000.0000 | 183000000.0000 | 4133800.0000 |
| 2024-03 | 310000000.0000 | 51599600.0000 | 42707600.0000 | -1090700.0000 |
| 2023-12 | 1386000000.0000 | 269000000.0000 | 181000000.0000 | 5764100.0000 |
| 2023-09 | 956000000.0000 | 188000000.0000 | 131000000.0000 | -441100.0000 |
| 2023-03 | 257000000.0000 | 52427300.0000 | 37838500.0000 | 701800.0000 |
| 2022-12 | 1147000000.0000 | 241000000.0000 | 150000000.0000 | 6045600.0000 |
| 2023-06 | 656000000.0000 | 132000000.0000 | 86392800.0000 | 2359800.0000 |
| 2022-09 | 802000000.0000 | 170000000.0000 | 115000000.0000 | -3634600.0000 |
| 2022-03 | 276000000.0000 | 67620500.0000 | 39548800.0000 | -412900.0000 |
| 2022-06 | 592000000.0000 | 121000000.0000 | 81066300.0000 | 3535500.0000 |
| 2021-06 | 541000000.0000 | 134000000.0000 | 77860400.0000 | 3500600.0000 |
| 2021-09 | 815000000.0000 | 211000000.0000 | 117000000.0000 | -12049800.0000 |
| 2021-12 | 1214000000.0000 | 278000000.0000 | 164000000.0000 | 8777900.0000 |
| 2021-03 | 209000000.0000 | 58471900.0000 | 32636000.0000 | -6585100.0000 |
| 2020-12 | 750000000.0000 | 204000000.0000 | 112000000.0000 | 7692800.0000 |
| 2020-03 | 111000000.0000 | 33892400.0000 | 17605200.0000 | 1737400.0000 |
| 2020-09 | 460000000.0000 | 129000000.0000 | 75623000.0000 | 3635100.0000 |
| 2020-06 | 296000000.0000 | 88985900.0000 | 42875600.0000 | 3605500.0000 |
| 2019-09 | 342000000.0000 | 93309300.0000 | 62203500.0000 | 2960200.0000 |
| 2019-06 | 223000000.0000 | 57330400.0000 | 39180200.0000 | 2512200.0000 |
| 2019-12 | 546000000.0000 | 150000000.0000 | 83859800.0000 | 4521200.0000 |
| 2018-12 | 412000000.0000 | 135000000.0000 | 58736800.0000 | -1586000.0000 |
| 2019-03 | 84892300.0000 | 22471900.0000 | 14554100.0000 | 1644100.0000 |
| 2018-09 | 258000000.0000 | 85546000.0000 | 40438200.0000 | -937500.0000 |
| 2018-03 | 61763800.0000 | 14600200.0000 | 14976600.0000 | 1375700.0000 |
| 2018-06 | 154000000.0000 | 48968700.0000 | 27471800.0000 | -657100.0000 |
| 2017-12 | 277000000.0000 | 105000000.0000 | 48540200.0000 | 2090000.0000 |
| 2016-12 | 164000000.0000 | 57134600.0000 | 33684900.0000 | -1233500.0000 |
| 2015-12 | 74028900.0000 | 25713200.0000 | 34303600.0000 | -110400.0000 |
| 2014-12 | 31383200.0000 | 4380700.0000 | 20980600.0000 | 80800.0000 |
| 2025-06 | 576000000.0000 | 105000000.0000 | 74551500.0000 | 1087800.0000 |
| 2025-09 | 806000000.0000 | 142000000.0000 | 115000000.0000 | -2131900.0000 |
| 2025-12 | 1217000000.0000 | 213000000.0000 | 162000000.0000 | 3008100.0000 |
| 2026-03 | 274000000.0000 | 38949700.0000 | 38261000.0000 | 592400.0000 |