液冷龙头英维克Q2营收同比增长69.67%，净利润增长37.98% | 财报见闻

Core Insights - The company, Yingweike, reported a Q2 revenue of 1.641 billion, representing a year-on-year growth of 69.67%, driven by strong demand in data centers, energy storage, and AI servers [1][2][15] - The net profit attributable to the parent company for Q2 was 168 million, showing a year-on-year increase of 37.98% [1][3] - The gross profit margin for Q2 was 25.97%, a decrease of 19 percentage points compared to the previous year [4] Financial Performance - For the first half of 2025, the company achieved a total revenue of 2.573 billion, reflecting a year-on-year growth of 50.25% [5][15] - The net profit attributable to the parent company for the first half was 216 million, an increase of 17.54% year-on-year, primarily due to a decline in gross profit margin and significant increases in credit and asset impairment losses [6][15] - The gross profit margin for the first half was approximately 26.16%, down from 28.48% in the same period last year, a decline of over 2 percentage points [7][15] Cash Flow and Working Capital - The net cash flow from operating activities was -234 million, with a more than fourfold increase in outflow year-on-year [8][17] - Accounts receivable and inventory increased, with accounts receivable rising by 8.2% and inventory by 39.2% compared to the beginning of the year [9][16] - Short-term borrowings increased from 312 million to 772 million [9] Operational Highlights - The company’s core business in data center temperature control equipment continues to be a major growth driver, benefiting from AI computing power demand [12][15] - The performance of cabinet temperature control energy-saving products was notable, with a bad debt provision ratio of only 1.18%, indicating high customer quality [13] - Inventory surged to 1.239 billion, a 40.10% increase from the beginning of the year, reflecting strong order fulfillment but increased turnover pressure [14][15] Accounts Receivable Management - The accounts receivable balance was 2.81 billion, an increase of 225 million from the beginning of the year, with extended turnover days [16] - 88.6% of accounts receivable were within one year, indicating acceptable overall quality, but overdue accounts exceeding one year reached 320 million, necessitating attention to collection risks [16]