东方嘉盛2025年中报简析：增收不增利，应收账款上升

Core Insights - The company Dongfang Jiasheng (002889) reported a total revenue of 2.112 billion yuan for the first half of 2025, representing a year-on-year increase of 35.18%, while the net profit attributable to shareholders decreased by 38.29% to 79.8569 million yuan [1] - In Q2, the total revenue reached 1.22 billion yuan, showing a significant year-on-year growth of 64.58%, but the net profit attributable to shareholders fell by 53.64% to 36.4657 million yuan [1] - The company's accounts receivable increased significantly, with a year-on-year growth rate of 142.94% [1] Financial Performance - The gross profit margin was reported at 8.57%, a decrease of 30.61% year-on-year, while the net profit margin was 3.96%, down 54.56% year-on-year [1] - Total selling, administrative, and financial expenses amounted to 82.5656 million yuan, accounting for 3.91% of revenue, which is a decrease of 19.89% year-on-year [1] - Earnings per share (EPS) was reported at 0.21 yuan, reflecting a year-on-year decline of 38.35% [1] Return on Investment - The company's Return on Invested Capital (ROIC) for the previous year was 5.08%, indicating average capital returns [2] - The historical median ROIC since the company went public is 2.75%, with the lowest recorded ROIC in 2015 at 0.68% [2] Debt and Cash Flow Analysis - The company has a healthy cash asset position, but attention is needed on cash flow metrics, with cash and cash equivalents to current liabilities at 63.73% and the average operating cash flow over the last three years to current liabilities at 8.51% [2] - The interest-bearing debt ratio has reached 37.25%, and the ratio of interest-bearing debt to the average operating cash flow over the last three years is 10.44% [2] - Accounts receivable have reached 739.8% of profit, indicating potential issues with receivables management [2]