绿的谐波2025年中报简析：营收净利润同比双双增长，应收账款上升

Core Insights - The company, Greentech Harmonic (688017), reported a significant increase in revenue and net profit for the first half of 2025, with total revenue reaching 251 million yuan, up 45.82% year-on-year, and net profit of 53.42 million yuan, also up 45.87% [1] Financial Performance - Total revenue for the second quarter of 2025 was 153 million yuan, reflecting a year-on-year increase of 69.52% [1] - The net profit for the second quarter was 33.17 million yuan, showing a remarkable year-on-year growth of 100.99% [1] - The gross profit margin decreased to 34.77%, down 13.91% year-on-year, while the net profit margin slightly increased to 21.91%, up 1.06% [1] - The company’s total expenses (selling, administrative, and financial) amounted to 18.83 million yuan, accounting for 7.49% of revenue, a decrease of 7.18% year-on-year [1] Balance Sheet Highlights - Accounts receivable increased significantly, with a year-on-year growth of 58.9%, reaching 190 million yuan [1] - Cash and cash equivalents rose to 262 million yuan, up 44.22% year-on-year [1] - Interest-bearing liabilities decreased by 51.01%, totaling 279 million yuan [1] Cash Flow Analysis - Operating cash flow per share increased dramatically to 0.26 yuan, a year-on-year increase of 11984.62% [1] - The net cash flow from operating activities surged by 13026.39%, attributed to increased revenue and corresponding sales collections [18] Investment and Financing Activities - Short-term borrowings saw a significant increase of 259.36%, indicating a rise in short-term bank loans [4] - The company’s investment activities generated a negative cash flow change of 121.88%, primarily due to increased cash outflows for purchasing financial products [19] Market Position and Outlook - The company’s performance is bolstered by a recovery in the robotics industry, with sales of harmonic reducers and mechatronic actuators driving growth [12] - Analysts project the company’s net profit for 2025 to reach 85.33 million yuan, with an expected earnings per share of 0.47 yuan [23]