萤石网络2025年中报简析：营收净利润同比双双增长，公司应收账款体量较大

Financial Performance - The company reported a total revenue of 2.827 billion yuan for the first half of 2025, representing a year-on-year increase of 9.45% [1] - The net profit attributable to shareholders reached 302 million yuan, up 7.38% year-on-year [1] - In Q2 2025, total revenue was 1.447 billion yuan, with a year-on-year growth of 7.48%, and net profit was 164 million yuan, increasing by 4.95% [1] - The gross margin was 43.59%, an increase of 1.0% year-on-year, while the net margin was 10.7%, a decrease of 1.89% [1] - The total of selling, administrative, and financial expenses was 474 million yuan, accounting for 16.76% of revenue, which is a 9.7% increase year-on-year [1] Accounts Receivable and Cash Flow - The accounts receivable amounted to 1.029 billion yuan, which is 204.24% of the net profit, indicating a significant level of receivables [1][4] - The operating cash flow per share was 0.42 yuan, showing a remarkable increase of 911.0% year-on-year [1] Investment Metrics - The company's return on invested capital (ROIC) for the previous year was 7.51%, indicating average capital returns [3] - The historical median ROIC since the company went public is 31.24%, suggesting strong investment returns historically [3] - Analysts expect the company's performance in 2025 to reach 675 million yuan, with an average earnings per share of 0.86 yuan [4] Shareholder Information - The largest fund holding shares in the company is the "招商丰盈积极配置混合A" fund, which holds 556,800 shares and has recently entered the top ten holdings [5] - The fund's current scale is 687 million yuan, with a net value of 0.6313 as of August 1, showing a 0.44% decline from the previous trading day but a 24.3% increase over the past year [5]