贝斯特2025年中报简析：营收净利润同比双双增长，公司应收账款体量较大

Core Viewpoint - Best (300580) reported a revenue of 716 million yuan for the first half of 2025, reflecting a year-on-year increase of 2.73%, with a net profit of 148 million yuan, up 3.3% from the previous year [1] Financial Performance - Total revenue for Q2 2025 reached 367 million yuan, marking a 3.55% increase year-on-year [1] - Net profit for Q2 2025 was 79.07 million yuan, showing a 6.15% increase compared to the same quarter last year [1] - Gross margin stood at 34.71%, a slight decrease of 0.29% year-on-year, while net margin improved by 0.49% to 20.73% [1] - Total operating expenses (sales, management, and financial) amounted to 63.70 million yuan, accounting for 8.89% of revenue, an increase of 0.25% year-on-year [1] - Earnings per share (EPS) increased by 3.02% to 0.30 yuan, while operating cash flow per share decreased significantly by 79.39% to 0.09 yuan [1] Accounts Receivable and Cash Flow - Accounts receivable reached 4.59 billion yuan, representing 172.77% of the net profit, indicating a significant amount of outstanding payments [4] - The net cash flow from operating activities decreased by 79.33%, attributed to changes in payment methods and increased tax payments [3] - The net increase in cash and cash equivalents dropped by 98.85%, primarily due to higher tax payments compared to the previous year [3] Investment and Return Metrics - The company's return on invested capital (ROIC) for the previous year was 9.55%, with a historical median ROIC of 11.17% since its listing [3] - The net profit margin for the previous year was 21.29%, indicating a high added value of products or services [3] Fund Holdings - The largest fund holding Best is the "Zhaoshang Fengying Active Allocation Mixed A" fund, which holds 656,100 shares and has shown a 33.13% increase over the past year [5]