力星股份：2025年中报显示营收增长但现金流和应收账款问题值得关注

Revenue and Profit - The total operating revenue of the company for the first half of 2025 was 535 million yuan, an increase of 4.53% year-on-year [2] - The net profit attributable to shareholders was 37.56 million yuan, up 5.94% year-on-year, while the net profit after deducting non-recurring gains and losses was 34.09 million yuan, down 1.39% year-on-year [2] - In Q2 2025, the operating revenue was 283 million yuan, a year-on-year increase of 4.41%, and the net profit attributable to shareholders was 20.43 million yuan, up 1.84% year-on-year [2] Financial Indicators - The accounts receivable amounted to 383 million yuan, which is 694.2% of the latest annual net profit [4] - The net cash flow from operating activities was -0.17 yuan, a decrease of 352.95% year-on-year, indicating significant pressure on cash flow management [4] - The gross profit margin was 17.13%, a decrease of 8.06% year-on-year, while the net profit margin was 7.02%, an increase of 1.35% year-on-year [9] Main Business Composition - The main source of revenue comes from steel balls and rollers, with steel ball revenue at 455 million yuan, accounting for 85% of total revenue, and a gross margin of 16.45% [5] - Roller revenue was 70.91 million yuan, accounting for 13.25% of total revenue, with a gross margin of 18.95% [5] Operational Review - The company is a leading enterprise in the field of precision bearing rolling elements, focusing on R&D, production, and sales [6] - Despite revenue and net profit growth, the decline in net profit after deducting non-recurring items and issues with cash flow and accounts receivable are notable challenges [6] Development Overview - The company possesses internationally advanced technology and a complete set of core technologies and production processes, with product performance exceeding international standards [7] - The company has implemented intelligent single-machine operations and automated production lines, ensuring traceability of product quality [7] Financial Analysis Summary - Overall, the company showed certain revenue growth in the 2025 mid-term report but faces challenges in cash flow management and accounts receivable [8]