凯尔达2025年中报：营收微降，净利润大幅下滑，研发投入持续增加

Revenue and Profit - The total operating revenue for the company in the first half of 2025 was 316 million yuan, a year-on-year decrease of 1.81% [2] - The net profit attributable to the parent company was 2.365 million yuan, down 89.94% year-on-year, while the non-recurring net profit was -2.7342 million yuan, a decline of 114.6% [2] - In the second quarter, the single-quarter operating revenue was 152 million yuan, a decrease of 6.31% year-on-year, with a net profit of -2.6155 million yuan, down 123.27% [2] Profitability - The company's gross margin was 17.51%, a decrease of 11.36% year-on-year, and the net margin was 0.56%, down 92.36% year-on-year, indicating challenges in cost control and weakened profitability [3] Expense Control - Total sales, management, and financial expenses amounted to 30.2634 million yuan, accounting for 9.59% of revenue, an increase of 44.37% year-on-year [4] - The increase in management expenses was primarily due to higher salaries and share-based payment costs, while R&D expenses grew by 21.62% to 21.1098 million yuan [4] Cash Flow and Financial Health - The operating cash flow per share was 0.1 yuan, a decline of 34.41% year-on-year [5] - Cash and cash equivalents were 204 million yuan, an increase of 27.63% year-on-year, while accounts receivable were 128 million yuan, down 10.80% year-on-year, but accounts receivable accounted for 408.76% of the latest annual net profit, indicating potential recovery risks [5][8] Main Business Composition - The main business revenue primarily comes from industrial robots and industrial welding equipment, with industrial robot revenue at 217 million yuan, accounting for 68.85% of total revenue, and a gross margin of 16.56% [6] - Domestic sales revenue was 283 million yuan, making up 89.75% of total revenue, with a gross margin of 16.09%, while foreign sales revenue was 32.357 million yuan, accounting for 10.25% of total revenue, with a gross margin of 29.91% [6] Development Review and Outlook - The company operates in the intelligent manufacturing equipment industry, focusing on industrial robots and welding equipment [7] - Despite the decline in performance during the reporting period, the company continues to increase R&D investment, advancing collaborative robots and welding technology research, and has made progress in the sensor field [7] - The company is actively expanding its domestic and international markets to enhance brand influence and will continue to optimize governance structures and standardize internal control systems to protect the rights of the company and its shareholders [7]