健盛集团2025年中报简析：增收不增利，公司应收账款体量较大

Financial Performance - The company reported total revenue of 1.171 billion yuan for the first half of 2025, a year-on-year increase of 0.19% [1] - The net profit attributable to shareholders was 142 million yuan, a decrease of 14.46% compared to the previous year [1] - The gross profit margin was 28.17%, down 2.5% year-on-year, while the net profit margin decreased by 14.62% to 12.11% [1] - Total expenses (selling, administrative, and financial) amounted to 138 million yuan, representing 11.82% of revenue, an increase of 15.72% year-on-year [1] Cash Flow and Assets - The company reported a significant increase in operating cash flow per share, which rose by 158.08% to 0.71 yuan [1] - The accounts receivable accounted for 157.25% of the net profit, indicating a high level of receivables relative to profit [1][4] - The company’s cash and cash equivalents stood at 340 million yuan, a slight increase of 0.36% [1] Investment and Financing - The company has made a new investment in Hangzhou Chip Union Semiconductor Company [2] - The construction in progress increased by 95.84%, attributed to the investment in the Vietnam project [2] - The company’s long-term borrowings increased significantly by 5495.72%, indicating a rise in debt financing [3] Fund Holdings - The largest fund holding shares in the company is Tianhong Cloud Life Preferred Mixed A, with 406,000 shares, which has seen a decrease in holdings [5] - The fund's current scale is 90 million yuan, with a net value of 1.1733 as of August 7, reflecting a 23.36% increase over the past year [5]