Decai 德才股份
24 significant filings since 31 May 2026: 13 on equity incentive, 5 on guarantee or financial assistance and 2 on major holder selling, and 2 other kinds. The latest, on 12 Sep 2026: 德才股份关于为子公司提供担保的进展公告.
自 31 May 2026 起有 24 份重大公告：equity incentive 13 份、guarantee or financial assistance 5 份、major holder selling 2 份，另有 2 类。最新一份（12 Sep 2026）：德才股份关于为子公司提供担保的进展公告。
As of 25 Sep 2026 截至2026年9月25日
Decai 德才股份 is an interior fit-out company listed on the Shanghai Stock Exchange since 6 Jul 2021. It reported a turnaround in 2025, with attributable net profit at RMB69.9m, up from a loss of RMB286.8m in 2024. Revenue declined to RMB3.51bn from RMB4.13bn. Operating cash flow per share was RMB1.49, ahead of net profit, with a cash flow to profit ratio of 2.89x. As of 30 Jun 2026, liabilities stood at 84.5% of assets, and receivables took 579 days to collect. The company's stock has shown high volatility, with 27 trading days of 9% or more movement in the past year. The actual controller and largest shareholder is 叶德才, holding 28.65%. The latest half-year results show profit down 6.1% year-on-year. Risks center on high leverage and slow receivables collection.
德才股份是一家装修装饰公司，2021年7月6日在上海证券交易所上市。2025年实现归母净利润6,994.4万元，较2024年亏损2.87亿元扭亏为盈。营业收入从41.34亿元降至35.07亿元。每股经营现金流1.49元，高于净利润，经营现金流与净利润之比达2.89倍。截至2026年6月30日，资产负债率为84.5%，应收账款周转天数为579天。过去12个月有27个交易日涨跌幅达9%及以上，股价波动较大。实际控制人及第一大股东为叶德才，持股28.65%。最新半年报显示归母净利润同比下滑6.1%。主要风险集中在高杠杆和回款周期过长。
| Flag 标记 | Risk 风险 | Mechanism 影响机制 |
|---|---|---|
| Liabilities at 70% of assets or more 资产负债率达70%或以上 | Liabilities exceed 70% of assets, indicating high financial leverage. 负债占资产比例超过70%，显示财务杠杆较高。 | At 84.5% liabilities to assets, the company faces elevated refinancing and interest rate risks. This level of leverage limits financial flexibility and increases vulnerability to downturns. 资产负债率达84.5%，公司面临较高的再融资和利率风险。高杠杆水平限制了财务灵活性，增加了下行风险。 |
| Receivables take over 180 days to collect 应收账款周转天数超过180天 | Receivables take over 180 days to collect, indicating weak cash conversion. 应收账款周转天数超过180天，显示现金转化能力较弱。 | With receivable days at 579, the company faces prolonged cash conversion cycles, increasing liquidity pressure and credit risk. 应收账款周转天数达579天，导致现金回笼周期极长，加剧流动性压力和信用风险。 |
- Change in attributable net profit for the full year 2026 compared to 2025's RMB69.9m
2026全年归母净利润较2025年6,994.4万元的变化 - Receivable days at the end of 2026, compared to 579 days as of 30 Jun 2026
2026年末应收账款周转天数较2026年6月30日的579天的变化 - Liabilities to assets ratio at the end of 2026, compared to 84.5% as of 30 Jun 2026
2026年末资产负债率较2026年6月30日84.5%的变化 - Operating cash flow per share for 2026, compared to RMB1.49 in 2025
2026年每股经营现金流较2025年1.49元的变化 - Revenue trend in the 2026 full-year report, compared to 2025's RMB3.51bn
2026全年营业收入较2025年35.07亿元的趋势变化 - Any change in the shareholding of actual controller 叶德才 from 28.65% as of 30 Jun 2026
实际控制人叶德才持股比例较2026年6月30日28.65%的变动
- Company: Decai 德才股份, Shanghai Stock Exchange 605287; industry Interior Fit-out; listed 6 Jul 2021.
公司：德才股份，上海证券交易所 605287；行业：装修装饰；上市日期：2021年7月6日。 - Close on 24 Sep 2026 RMB35.42; close on 24 Sep 2025 RMB22.71, RMB22.68 in today's terms; one-year change, adjusted for distributions and share changes +56.1%.
2026年9月24日收盘价35.42元；2025年9月24日收盘价22.71元（前复权22.68元）；一年涨跌幅（复权）+56.1%。 - 52-week range in today's terms, adjusted for distributions and share changes RMB21.05 to RMB67.28.
52周区间（前复权）21.05元至67.28元。 - In the last 12 months 27 trading days closed 9% or more above or below the day before (all days, not only this year). The 5 most recent of them: 17 Jul 2026 -10.0%; 31 Jul 2026 +10.0%; 4 Aug 2026 +10.0%; 7 Aug 2026 +10.0%; 31 Aug 2026 +10.0%. The longest run of them on consecutive trading days: 6 days.
近12个月共有27个交易日收盘涨跌幅达9%及以上（为全部交易日，不限于今年）。其中最近5个：2026年7月17日 -10.0%；2026年7月31日 +10.0%；2026年8月4日 +10.0%；2026年8月7日 +10.0%；2026年8月31日 +10.0%。其中最长连续6个交易日。 - Market capitalisation RMB4.96bn; P/E TTM 74.0; price to book 3.11x.
总市值49.59亿元；市盈率（TTM）74.0；市净率3.11倍。 - Revenue 2025 RMB3.51bn; 2024 RMB4.13bn; change -15.2%.
营业收入2025年35.07亿元；2024年41.34亿元；同比-15.2%。 - Attributable net profit 2025 RMB69.9m; 2024 -RMB286.8m; change +124.4% (from a loss to a profit).
归属于母公司股东的净利润2025年6,994.4万元；2024年-2.87亿元；同比+124.4%（扭亏为盈）。 - Net profit excluding non-recurring items, 2025 change +114.3%.
2025年扣除非经常性损益后的净利润同比+114.3%。 - Basic EPS 2025 RMB0.52; 2024 -RMB2.07.
基本每股收益2025年0.52元；2024年-2.07元。 - Operating cash flow per share 2025 RMB1.49; 2024 RMB3.25; operating cash flow to net profit 2.89x.
每股经营现金流2025年1.49元；2024年3.25元；经营现金流与净利润之比2.89倍。 - 2025 gross margin 16.4%; net margin 2.1%; ROE 4.6%.
2025年毛利率16.4%；净利率2.1%；净资产收益率4.6%。 - At 30 Jun 2026: liabilities to assets 84.5%; current ratio 1.06; quick ratio 1.05; receivable days 579; inventory days 331.
截至2026年6月30日：资产负债率84.5%；流动比率1.06；速动比率1.05；应收账款周转天数579；存货周转天数331。 - Period to 30 Jun 2026 (six months, not comparable with the full years above): revenue RMB1.29bn, change +2.6%; attributable net profit RMB44.2m, change -6.1%; operating cash flow per share RMB0.35.
截至2026年6月30日的报告期（六个月，不可与上述全年数据直接比较）：营业收入12.86亿元，同比+2.6%；归母净利润4,422.1万元，同比-6.1%；每股经营现金流0.35元。 - Ownership: actual controller 叶德才; largest holder at 30 Jun 2026: 叶德才, 28.65%.
股权：实际控制人：叶德才；2026年6月30日第一大股东：叶德才，持股28.65%。 - Latest distribution: ex-date 13 Jul 2026, cash RMB0.05 per share.
最近一次分配：除权除息日2026年7月13日，每股现金0.05元。 - Aurelian Grade C, score 55.8 of 100, graded within a peer group of 21 companies in its industry; no rank among peers is given.
金源评级C，得分55.8（满分100），于行业同业21家中评定；未提供其在同业中的排名。 - Not held for this report: receivable ageing, litigation case amounts, the order book, the auditor's opinion and key audit matters, segment revenue.
本报告未掌握：应收账款账龄、诉讼案件金额、在手订单、审计意见及关键审计事项、分部收入。