中科金财2025年中报：增收不增利，多项财务指标下滑

Core Insights - The company reported a total revenue of 345 million yuan for the first half of 2025, representing a year-on-year increase of 14.36%. However, the net profit attributable to shareholders was -84.95 million yuan, a decline of 71.51% year-on-year, indicating a situation of revenue growth without profit increase [2] - In the second quarter, total revenue was 171 million yuan, down 4.35% year-on-year, with a net profit of -46.26 million yuan, reflecting a significant decline of 109.67% year-on-year [3] Financial Performance - The gross margin decreased to 16.43%, down 27.4% year-on-year, while the net margin was -24.61%, a decrease of 49.97% year-on-year [6] - Operating cash flow per share was -0.75 yuan, a decrease of 54.8% year-on-year, indicating worsening cash flow conditions [6] Revenue Composition - Revenue from data center services was 175 million yuan, accounting for 50.81% of total revenue, with a gross margin of 13.24% [6] - Financial technology services generated 109 million yuan, representing 31.66% of total revenue, with a gross margin of 19.26% [6] - Artificial intelligence services contributed 48.35 million yuan, making up 14.01% of total revenue, with a gross margin of 27.46% [6] Regional and Sector Distribution - The company generated 280 million yuan from the North China region, accounting for 81.22% of total revenue, with a gross margin of 15.07% [6] - Revenue from the enterprise sector was 155 million yuan, representing 44.96% of total revenue, with a gross margin of 10.52% [6] Cash Flow and Financial Health - Cash and cash equivalents decreased by 29.35% due to increased procurement payments [6] - Accounts receivable increased by 164.73% as a result of extended sales collection periods [6] - Interest-bearing debt rose by 654.74% due to new bank loans [6] - The net cash flow from operating activities decreased by 54.78% due to increased cash payments for goods and services [6]