奥士康2025年中报简析：增收不增利，公司应收账款体量较大

Core Viewpoint - The recent financial report of Aoshikang (002913) shows a significant increase in revenue but a decline in net profit, indicating potential challenges in profitability despite growth in sales [1][2]. Financial Performance - The total revenue for the first half of 2025 reached 2.565 billion yuan, a year-on-year increase of 19.43% [1]. - The net profit attributable to shareholders was 196 million yuan, down 11.96% compared to the previous year [1]. - In Q2 2025, revenue was 1.401 billion yuan, reflecting a 19.65% year-on-year growth, while net profit for the quarter was 83.57 million yuan, a decrease of 24.61% [1]. - The gross margin was 22.34%, down 9.46% year-on-year, and the net margin was 7.47%, down 27.91% [1]. - Total operating expenses (sales, management, and financial expenses) amounted to 212 million yuan, accounting for 8.25% of revenue, an increase of 3.97% year-on-year [1]. Cash Flow and Debt - The net cash flow from operating activities decreased by 41.53%, attributed to increased inventory reserves [2]. - The net increase in cash and cash equivalents fell by 31.78%, also influenced by operating activities [2]. - The company’s cash and cash equivalents to current liabilities ratio is 93.44%, indicating a need for attention to cash flow management [3]. Accounts Receivable - Accounts receivable reached 1.468 billion yuan, representing 415.67% of the net profit, highlighting a significant concern regarding collection efficiency [1][3]. Business Model and Market Position - The company relies heavily on research and development for its performance, necessitating a thorough examination of the underlying drivers of this growth [3]. - The return on invested capital (ROIC) for the previous year was 6.45%, which is considered average, with a historical median ROIC of 11.53% since its listing [2]. Analyst Expectations - Analysts project that the company will achieve a revenue of 5.42 billion yuan in 2025, with an average earnings per share of 1.71 yuan [3].