天准科技2025年中报：营收增长但净利润仍为负，现金流改善显著

Core Insights - The core viewpoint of the report indicates that Tianzhun Technology (688003) has shown revenue growth in its 2025 mid-year report, but it continues to face challenges in profitability despite improvements in net profit figures [2][3]. Operational Overview - As of the end of the reporting period, the total operating revenue reached 597 million yuan, reflecting a year-on-year increase of 10.32%. However, the net profit attributable to shareholders was -14.19 million yuan, although this represents a 45.92% year-on-year improvement, the company remains in a loss position. The non-recurring net profit was -22.68 million yuan, up 7.56% year-on-year, indicating that while revenue is growing, profitability has not fully recovered [2]. Quarterly Performance - In the second quarter, total operating revenue was 378 million yuan, a year-on-year increase of 8.76%. The net profit attributable to shareholders was 18.11 million yuan, up 54.07% year-on-year. The non-recurring net profit was 15.58 million yuan, reflecting a 45.53% year-on-year increase, showing significant improvement in the latter half of the first half of the year [3]. Key Financial Metrics - The total of selling, administrative, and financial expenses was 133 million yuan, accounting for 22.24% of revenue, which is a decrease of 3.29% year-on-year [4]. - The gross margin was 34.81%, down 7.95% year-on-year, while the net margin was -2.39%, an increase of 50.76% year-on-year [8]. Cash Flow - The operating cash flow per share was 0.15 yuan, representing a significant increase of 163.34% year-on-year, indicating a notable improvement in the company's cash flow situation [5]. Asset and Liability Management - Cash and cash equivalents amounted to 676 million yuan, a year-on-year increase of 131.61%. Accounts receivable stood at 439 million yuan, up 4.60% year-on-year, which raises concerns as it represents 351.85% of the latest annual net profit, highlighting potential risks in accounts receivable recovery [9][11]. - Interest-bearing liabilities totaled 906 million yuan, an increase of 51.16% year-on-year, with an interest-bearing asset-liability ratio of 22.78%, indicating potential debt pressure [9]. Revenue Composition - Revenue from visual measurement equipment was 226 million yuan, accounting for 37.87% of total revenue, with a gross margin of 48.74%. Revenue from visual process equipment was 241 million yuan, making up 40.34% of total revenue, with a gross margin of 24.55%. Revenue from intelligent driving solutions was 65.27 million yuan, accounting for 10.93% of total revenue, with a gross margin of 29.19%. Revenue from visual inspection equipment was 64.76 million yuan, representing 10.85% of total revenue, with a gross margin of 30.00% [9].