东软载波2025年中报简析：净利润同比下降76.36%，公司应收账款体量较大

Core Viewpoint - Dongsoft Zhaibo (300183) reported disappointing financial results for the first half of 2025, with significant declines in revenue and net profit compared to the previous year [1] Financial Performance Summary - Total revenue for the first half of 2025 was 504 million yuan, a decrease of 9.46% year-on-year [1] - Net profit attributable to shareholders was 13.52 million yuan, down 76.36% year-on-year [1] - In Q2 2025, total revenue was 267 million yuan, a decline of 23.95% year-on-year, and net profit was 9.58 million yuan, down 80.77% year-on-year [1] - Gross margin was 29.71%, a decrease of 24.61% year-on-year, while net margin was 2.63%, down 74.29% year-on-year [1] - Total operating expenses (sales, management, and financial expenses) amounted to 68.22 million yuan, accounting for 13.53% of revenue, an increase of 7.46% year-on-year [1] Key Financial Ratios - Earnings per share (EPS) was 0.03 yuan, a decrease of 76.39% year-on-year [1] - Operating cash flow per share was 0.01 yuan, down 88.32% year-on-year [1] - The ratio of accounts receivable to net profit reached 486.8%, indicating a significant collection issue [6] Changes in Financial Items - Cash and cash equivalents decreased by 10.19% due to increased non-current asset investments [3] - Construction in progress increased by 41.76% due to investments in innovation center projects [3] - Lease liabilities surged by 1609.42% due to new long-term leases [5] - Revenue decline was attributed to decreased sales of power line carrier communication products [5] - Operating costs increased by 5.04% due to declining gross margins in integrated circuit sales [5] Business Evaluation - The company's return on invested capital (ROIC) was 1.19%, indicating weak capital returns [6] - The historical median ROIC over the past decade was 4.88%, reflecting generally poor investment returns [6] - The company relies heavily on R&D, marketing, and capital expenditures, necessitating careful evaluation of these investments [6]