中商官网
研究报告
明发集团（HK0846）
主要经济指标
| 类别\年份 | 营业额 （元) |
营业额同比 （%) |
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 （%) |
| 2024-12 | 7030291000.0000 | -26.19 | 1516849000.0000 | -21.99 | -1144824000.0000 | -864.89 | -1791055000.0000 | 283.42 |
| 2023-12 | 9524999000.0000 | -9.87 | 1944471000.0000 | -15.02 | 149671000.0000 | -84.69 | -467127000.0000 | -1073.97 |
| 2024-06 | 3815378000.0000 | -30.77 | 1219009000.0000 | -30.56 | 398307000.0000 | -51.18 | 6665000.0000 | -98.06 |
| 2022-12 | 10568374000.0000 | -35.62 | 2288265000.0000 | -53.77 | 977751000.0000 | -73.97 | 47961000.0000 | -97.45 |
| 2022-06 | 5957673000.0000 | -38.50 | 1427336000.0000 | -55.84 | 735010000.0000 | -69.70 | 316809000.0000 | -73.71 |
| 2023-06 | 5511227000.0000 | -7.49 | 1755536000.0000 | 22.99 | 815827000.0000 | 11.00 | 343818000.0000 | 8.53 |
| 2020-12 | 12858570000.0000 | 1.56 | 3770656000.0000 | -5.69 | 2446220000.0000 | -9.46 | 1075004000.0000 | 12.91 |
| 2021-12 | 16416421000.0000 | 27.67 | 4949872000.0000 | 31.27 | 3756126000.0000 | 53.55 | 1882657000.0000 | 75.13 |
| 2020-06 | 7691877000.0000 | 86.75 | 2357896000.0000 | 85.80 | 1614717000.0000 | 75.01 | 752878000.0000 | 80.00 |
| 2021-06 | 9688044000.0000 | 25.95 | 3232176000.0000 | 37.08 | 2425672000.0000 | 50.22 | 1204978000.0000 | 60.05 |
| 2019-06 | 4118868000.0000 | -36.81 | 1269051000.0000 | -21.60 | 922623000.0000 | -44.15 | 418255000.0000 | -40.12 |
| 2018-12 | 11641880000.0000 | 15.59 | 3322027000.0000 | 37.37 | 2575394000.0000 | 35.63 | 855076000.0000 | -16.51 |
| 2019-12 | 12660897000.0000 | 8.75 | 3997976000.0000 | 20.35 | 2701690000.0000 | 4.90 | 952112000.0000 | 11.35 |
| 2017-06 | 6829394000.0000 | 154.41 | 1599180000.0000 | 123.11 | 1202465000.0000 | 23.77 | 694943000.0000 | -20.77 |
| 2018-06 | 6518021000.0000 | -4.56 | 1618599000.0000 | 1.21 | 1652039000.0000 | 37.39 | 698481000.0000 | 0.51 |
| 2017-12 | 10071416000.0000 | 97.88 | 2418242000.0000 | 110.75 | 1898816000.0000 | 130.26 | 1024220000.0000 | -12.42 |
| 2015-06 | 1114062000.0000 | -26.97 | 73487000.0000 | -87.87 | 90910000.0000 | -86.03 | 63296000.0000 | -82.06 |
| 2015-12 | 3039665000.0000 | -19.85 | 886291000.0000 | -10.11 | 742883000.0000 | -57.23 | 379042000.0000 | -54.29 |
| 2016-06 | 2684448000.0000 | 140.96 | 716768000.0000 | 875.37 | 971495000.0000 | 968.63 | 877101000.0000 | 1285.71 |
| 2016-12 | 5089696000.0000 | 67.44 | 1147453000.0000 | 29.47 | 824647000.0000 | 11.01 | 1169435000.0000 | 208.52 |
| 2014-12 | 3792610000.0000 | -39.50 | 985948000.0000 | -55.22 | 1736932000.0000 | -24.58 | 829310000.0000 | -40.73 |
| 2013-12 | 6269093000.0000 | 67.57 | 2201624000.0000 | 84.84 | 2302942000.0000 | -9.54 | 1399229000.0000 | -20.71 |
| 2014-06 | 1525498000.0000 | -47.14 | 605807000.0000 | -42.50 | 650815000.0000 | -31.54 | 352748000.0000 | -30.87 |
| 2013-06 | 2886152000.0000 | 238.62 | 1053513000.0000 | 164.15 | 950613000.0000 | 20.51 | 510278000.0000 | -14.06 |
| 2012-06 | 852337000.0000 | -46.31 | 398828000.0000 | -50.00 | 788841000.0000 | -62.25 | 593770000.0000 | -55.72 |
| 2012-12 | 3741096000.0000 | 25.59 | 1191103000.0000 | -21.63 | 2545769000.0000 | 0.39 | 1764745000.0000 | 10.51 |
| 2010-12 | 3007872000.0000 | -18.29 | 1228068000.0000 | -19.83 | 1713259000.0000 | -8.17 | 1167848000.0000 | 18.27 |
| 2010-06 | 598243000.0000 | -34.47 | 150243000.0000 | -48.15 | 227000000.0000 | -15.91 | 120836000.0000 | -18.14 |
| 2011-06 | 1587453000.0000 | 165.35 | 797605000.0000 | 430.88 | 2089459000.0000 | 820.47 | 1340942000.0000 | 1009.72 |
| 2011-12 | 2978828000.0000 | -0.97 | 1519796000.0000 | 23.76 | 2535757000.0000 | 48.01 | 1596967000.0000 | 36.74 |
| 2009-12 | 3681027000.0000 | 78.60 | 1531874000.0000 | 34.95 | 1865612000.0000 | 94.99 | 987461000.0000 | 120.21 |
| 2009-06 | 912883000.0000 | -41.72 | 289742000.0000 | -67.96 | 269949000.0000 | -74.56 | 147612000.0000 | -74.50 |
| 2008-12 | 2061065000.0000 | -4.96 | 1135120000.0000 | 17.06 | 956752000.0000 | -1.72 | 448413000.0000 | 7.97 |
| 2006-12 | 1296200000.0000 | -- | 419195000.0000 | -- | 720387000.0000 | -- | 480594000.0000 | -- |
| 2007-12 | 2168677000.0000 | 67.31 | 969691000.0000 | 131.32 | 973467000.0000 | 35.13 | 415328000.0000 | -13.58 |
| 2008-06 | 1566395000.0000 | -- | 904413000.0000 | -- | 1061216000.0000 | -- | 578881000.0000 | -- |
| 2025-06 | 2725734000.0000 | -28.56 | 642226000.0000 | -47.32 | -138090000.0000 | -134.67 | -273055000.0000 | -4196.85 |
| 2025-12 | 4385189000.0000 | -37.62 | 704040000.0000 | -53.59 | -- | -100.00 | -- | -100.00 |
盈利能力分析
| 类别\年份 | 销售毛利率 （%) |
主营利润率 （%) |
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) |
| 2024-12 | 21.58 | -16.2500 | -1.84 | -11.3900 | 0.16 | -- | 0.11 |
| 2023-12 | 20.41 | -0.5400 | 0.21 | -2.6700 | 0.19 | -- | 0.13 |
| 2024-06 | 31.95 | 10.2000 | 0.59 | 0.0400 | 0.07 | -- | 0.06 |
| 2022-12 | 21.65 | 10.1200 | 1.37 | 0.2700 | 0.21 | -- | 0.15 |
| 2022-06 | 23.96 | 12.9300 | 1.00 | 1.7400 | 0.11 | -- | 0.08 |
| 2023-06 | 31.85 | 14.8900 | 1.16 | 1.8800 | 0.09 | -- | 0.08 |
| 2020-12 | 29.32 | 19.2600 | 3.21 | 6.7000 | 0.20 | -- | 0.17 |
| 2021-12 | 30.15 | 23.0200 | 5.09 | 10.4900 | 0.26 | -- | 0.22 |
| 2020-06 | 30.65 | 21.0600 | 2.14 | 4.8000 | 0.12 | -- | 0.10 |
| 2021-06 | 33.36 | 25.1800 | 3.18 | 6.9800 | 0.14 | -- | 0.13 |
| 2019-06 | 30.81 | 22.4600 | 1.20 | 2.9100 | 0.10 | -- | 0.05 |
| 2018-12 | 28.54 | 21.9800 | 3.42 | 6.1300 | 0.31 | -- | 0.15 |
| 2019-12 | 31.58 | 21.7700 | 3.57 | 6.3800 | 0.19 | -- | 0.17 |
| 2017-06 | 23.42 | 17.6200 | 1.93 | 5.2900 | 0.25 | -- | 0.11 |
| 2018-06 | 24.83 | 25.5700 | 2.30 | 5.0600 | 0.19 | -- | 0.09 |
| 2017-12 | 24.01 | 18.6100 | 2.83 | 7.6000 | 0.32 | -- | 0.15 |
| 2015-06 | 6.60 | 5.7700 | 0.20 | 0.5700 | 0.07 | -- | 0.02 |
| 2015-12 | 29.16 | 23.1700 | 1.43 | 3.3000 | 0.13 | -- | 0.06 |
| 2016-06 | 26.70 | 16.9300 | 1.70 | 7.2200 | 0.10 | -- | 0.05 |
| 2016-12 | 22.54 | 5.5000 | 1.35 | 9.4000 | 0.19 | -- | 0.08 |
| 2014-12 | 26.00 | 46.0000 | 4.28 | 7.4800 | 0.22 | -- | 0.09 |
| 2013-12 | 35.12 | 36.9000 | 6.51 | 13.6500 | 0.39 | -- | 0.18 |
| 2014-06 | 39.71 | 42.8500 | 1.66 | 3.3200 | 0.08 | -- | 0.04 |
| 2013-06 | 36.50 | 33.1400 | 2.85 | 5.4500 | 0.16 | -- | 0.09 |
| 2012-06 | 46.79 | 93.1300 | 2.60 | 7.9900 | 0.04 | -- | 0.03 |
| 2012-12 | 31.84 | 68.3600 | 7.88 | 19.9000 | 0.23 | -- | 0.12 |
| 2010-12 | 40.83 | 57.0300 | 9.41 | 21.0900 | 0.28 | -- | 0.17 |
| 2010-06 | 25.11 | 38.0700 | 1.39 | 2.6900 | 0.08 | -- | 0.04 |
| 2011-06 | 50.24 | 131.7400 | 8.54 | 19.9000 | 0.10 | -- | 0.06 |
| 2011-12 | 51.02 | 85.7600 | 9.44 | 22.8000 | 0.16 | -- | 0.11 |
| 2009-12 | 41.62 | 50.6800 | 14.47 | 21.3200 | 0.55 | -- | 0.29 |
| 2009-06 | 31.74 | 29.5700 | 2.63 | 7.5900 | 0.13 | -- | 0.09 |
| 2008-12 | 55.07 | 46.6600 | 9.45 | 24.9500 | 0.18 | -- | 0.20 |
| 2006-12 | 32.34 | 55.6300 | 9.88 | 93.0300 | 0.31 | -- | 0.18 |
| 2007-12 | 44.71 | 44.9300 | 10.43 | 39.0000 | 0.30 | -- | 0.23 |
| 2008-06 | 57.74 | 67.9400 | -- | -- | -- | -- | -- |
| 2025-06 | 23.56 | -4.9200 | -0.23 | -1.7700 | 0.06 | -- | 0.05 |
| 2025-12 | 16.05 | -- | 0.00 | -- | -- | -- | 0.08 |
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 |
| 2024-12 | 73.04 | 26.96 | 1.07 | 0.20 |
| 2023-12 | 73.09 | 26.91 | 1.07 | 0.19 |
| 2024-06 | 72.12 | 27.88 | 1.07 | 0.19 |
| 2022-12 | 72.44 | 27.56 | 1.09 | 0.20 |
| 2022-06 | 73.06 | 26.94 | 1.12 | 0.21 |
| 2023-06 | 71.49 | 28.51 | 1.10 | 0.20 |
| 2020-12 | 76.99 | 23.01 | 1.06 | 0.19 |
| 2021-12 | 73.61 | 26.39 | 1.12 | 0.21 |
| 2020-06 | 76.72 | 23.28 | 1.04 | 0.20 |
| 2021-06 | 75.37 | 24.63 | 1.08 | 0.20 |
| 2019-06 | 79.27 | 20.73 | 1.05 | 0.52 |
| 2018-12 | 79.72 | 20.28 | 1.05 | 0.55 |
| 2019-12 | 77.97 | 22.03 | 1.02 | 0.18 |
| 2017-06 | 77.37 | 22.63 | 1.27 | 0.70 |
| 2018-06 | 79.12 | 20.88 | 1.20 | 0.65 |
| 2017-12 | 78.54 | 21.46 | 1.08 | 0.56 |
| 2015-06 | 73.61 | 26.39 | 1.24 | 0.65 |
| 2015-12 | 75.76 | 24.24 | 1.17 | 0.62 |
| 2016-06 | 77.34 | 22.66 | 1.22 | 0.62 |
| 2016-12 | 78.22 | 21.78 | 1.08 | 0.56 |
| 2014-12 | 71.14 | 28.86 | 1.17 | 0.59 |
| 2013-12 | 68.22 | 31.78 | 1.16 | 0.60 |
| 2014-06 | 70.36 | 29.64 | 1.20 | 0.61 |
| 2013-06 | 68.94 | 31.06 | 1.17 | 0.51 |
| 2012-06 | 74.70 | 25.30 | 1.14 | 0.44 |
| 2012-12 | 69.55 | 30.45 | 1.10 | 0.46 |
| 2010-12 | 69.10 | 30.90 | 1.47 | 0.68 |
| 2010-06 | 71.91 | 28.09 | 1.43 | 0.76 |
| 2011-06 | 72.04 | 27.96 | 1.30 | 0.56 |
| 2011-12 | 72.94 | 27.06 | 1.18 | 0.44 |
| 2009-12 | 63.59 | 36.41 | 1.68 | 0.98 |
| 2009-06 | 80.39 | 19.61 | 1.06 | 0.33 |
| 2008-12 | 81.60 | 18.40 | 0.96 | 0.27 |
| 2006-12 | 91.22 | 8.78 | 0.72 | 0.26 |
| 2007-12 | 87.27 | 12.73 | 0.91 | 0.30 |
| 2008-06 | -- | -- | -- | -- |
| 2025-06 | 72.28 | 27.72 | 1.09 | 0.19 |
| 2025-12 | 72.81 | 0.00 | 1.15 | 1.15 |
成本费用分析
| 类别\年份 | 销售成本 （元) |
销售费用 （元) |
管理费用 （元) |
财务费用 （元) |
| 2024/12/31 0:00:00 | 5513442000.0000 | -- | 687964000.0000 | -52025000.0000 |
| 2023/12/31 0:00:00 | 7580528000.0000 | -- | 566067000.0000 | -20270000.0000 |
| 2024/6/30 0:00:00 | 2596369000.0000 | -- | 308534000.0000 | -4745000.0000 |
| 2022/12/31 0:00:00 | 8280109000.0000 | -- | 757527000.0000 | -23247000.0000 |
| 2022/6/30 0:00:00 | 4530337000.0000 | -- | 361181000.0000 | -13074000.0000 |
| 2023/6/30 0:00:00 | 3755691000.0000 | -- | 305301000.0000 | -11577000.0000 |
| 2020/12/31 0:00:00 | 9087914000.0000 | -- | 681489000.0000 | -29372000.0000 |
| 2021/12/31 0:00:00 | 11466549000.0000 | -- | 751463000.0000 | -26458000.0000 |
| 2020/6/30 0:00:00 | 5333981000.0000 | -- | 275602000.0000 | -16573000.0000 |
| 2021/6/30 0:00:00 | 6455868000.0000 | -- | 375625000.0000 | -12672000.0000 |
| 2019/6/30 0:00:00 | 2849817000.0000 | -- | 304222000.0000 | -48029000.0000 |
| 2018/12/31 0:00:00 | 8319853000.0000 | -- | 701844000.0000 | -72788000.0000 |
| 2019/12/31 0:00:00 | 8662921000.0000 | -- | 802246000.0000 | -86830000.0000 |
| 2017/6/30 0:00:00 | 5230214000.0000 | -- | 344519000.0000 | -37276000.0000 |
| 2018/6/30 0:00:00 | 4899422000.0000 | -- | 288511000.0000 | -53863000.0000 |
| 2017/12/31 0:00:00 | 7653174000.0000 | -- | 689596000.0000 | -100529000.0000 |
| 2015/6/30 0:00:00 | 1040575000.0000 | -- | 203990000.0000 | -53524000.0000 |
| 2015/12/31 0:00:00 | 2153374000.0000 | -- | 508446000.0000 | -72214000.0000 |
| 2016/6/30 0:00:00 | 1967680000.0000 | -- | 354818000.0000 | -70906000.0000 |
| 2016/12/31 0:00:00 | 3942243000.0000 | -- | 670142000.0000 | -125083000.0000 |
| 2014/12/31 0:00:00 | 2806662000.0000 | -- | 370283000.0000 | 6925000.0000 |
| 2013/12/31 0:00:00 | 4067469000.0000 | -- | 330084000.0000 | 267110000.0000 |
| 2014/6/30 0:00:00 | 919691000.0000 | -- | 173465000.0000 | 35804000.0000 |
| 2013/6/30 0:00:00 | 1832639000.0000 | -- | 156265000.0000 | 119895000.0000 |
| 2012/6/30 0:00:00 | 453509000.0000 | -- | 120811000.0000 | 80671000.0000 |
| 2012/12/31 0:00:00 | 2549993000.0000 | -- | 286685000.0000 | 184912000.0000 |
| 2010/12/31 0:00:00 | 1779804000.0000 | -- | 183247000.0000 | 75992000.0000 |
| 2010/6/30 0:00:00 | 448000000.0000 | -- | 67781000.0000 | 31401000.0000 |
| 2011/6/30 0:00:00 | 789848000.0000 | -- | 133465000.0000 | 131523000.0000 |
| 2011/12/31 0:00:00 | 1459032000.0000 | -- | 250985000.0000 | 196151000.0000 |
| 2009/12/31 0:00:00 | 2149153000.0000 | -- | 183741000.0000 | 49592000.0000 |
| 2009/6/30 0:00:00 | 623141000.0000 | -- | 46891000.0000 | 20484000.0000 |
| 2008/12/31 0:00:00 | 925945000.0000 | -- | 110983000.0000 | 46491000.0000 |
| 2006/12/31 0:00:00 | 877005000.0000 | -- | 65953000.0000 | -1712000.0000 |
| 2007/12/31 0:00:00 | 1198986000.0000 | -- | 102170000.0000 | 30935000.0000 |
| 2008/6/30 0:00:00 | 661982000.0000 | -- | 55374000.0000 | 23715000.0000 |
| 2025/6/30 0:00:00 | 2083508000.0000 | -- | 254012000.0000 | -1601000.0000 |
| 2025/12/31 0:00:00 | 3681149000.0000 | -- | -- | -2600000.0000 |