航亚科技2025年中报简析：增收不增利，三费占比上升明显

Core Viewpoint -航亚科技 (688510) reported mixed financial results for the first half of 2025, with revenue growth but a decline in net profit and profitability margins [1] Financial Performance - Total revenue for the first half of 2025 reached 369 million yuan, an increase of 8.76% year-on-year [1] - Net profit attributable to shareholders was 61.21 million yuan, down 8.92% year-on-year [1] - Gross margin decreased to 39.81%, a decline of 6.72% year-on-year [1] - Net margin fell to 16.72%, down 14.3% year-on-year [1] - Operating cash flow per share was 0.12 yuan, a decrease of 35.55% year-on-year [1] Expense Analysis - Total expenses (selling, administrative, and financial) accounted for 12.3% of total revenue, an increase of 34.44% year-on-year [1] - Selling expenses rose by 16.17%, attributed to increased share-based payments [5] - Administrative expenses increased by 40.12%, also due to share-based payments [6] - Financial expenses surged by 106.71%, driven by higher interest expenses and reduced foreign exchange gains [7] Balance Sheet Highlights - Cash and cash equivalents increased by 66.86% to 236 million yuan [1] - Accounts receivable rose by 41.94% to 392 million yuan [1] - Interest-bearing liabilities increased by 19.92% to 241 million yuan [1] Cash Flow Insights - Net cash flow from operating activities decreased by 35.55%, primarily due to increased procurement payments and tax expenses [8] - Net cash flow from investing activities increased by 61.62%, attributed to reduced fixed asset investments [9] - Net cash flow from financing activities decreased significantly by 211.06%, due to loan repayments and increased borrowing [9] Business Model and Market Position - The company's performance is heavily reliant on capital expenditures, necessitating careful evaluation of capital projects [10] - Historical return on invested capital (ROIC) was 9.68%, indicating average capital returns [10] - The company has experienced inconsistent financial performance since its listing, with four years of losses out of the last eight [10] Fund Holdings - Major funds holding shares in航亚科技 include 招商安本增利债券A and 东方阿尔法招阳混合A, indicating growing institutional interest [11]