营收大涨利润却没跟上！恒华科技上半年业绩增速现“剪刀差”，AI赋能难掩盈利隐忧

Core Viewpoint - The company, Henghua Technology, reported a significant increase in revenue but a decline in net profit, indicating challenges in business structure adjustment and cost control, raising concerns about the sustainability of its growth driven by AI technology [1][2][3]. Revenue and Profit Performance - In the first half of 2025, Henghua Technology achieved a revenue of 373 million yuan, a year-on-year increase of 78.31%, attributed to the completion of large system integration projects [2][3]. - The net profit attributable to shareholders was 6.06 million yuan, a decrease of 3.98% year-on-year, while the net profit after deducting non-recurring gains and losses plummeted by 82.44% to 599,400 yuan [3][4]. Cost and Margin Analysis - The company's operating costs surged by 83.92% to 289 million yuan, outpacing revenue growth, leading to a decline in overall gross margin from 24.71% to 22.34% [3][4]. - The system integration business generated 165 million yuan in revenue, accounting for 44.20% of total revenue, but had a low gross margin of 5.66%, significantly lower than other service segments [4]. Cash Flow and Accounts Receivable - Henghua Technology reported a negative net cash flow from operating activities of -221 million yuan, indicating insufficient cash generation to cover operational costs [6][7]. - As of June 30, 2025, accounts receivable reached 1 billion yuan, an increase of approximately 69 million yuan from the end of 2024, raising concerns about cash flow and potential liquidity issues [7][8]. Inventory and Market Competition - The company's inventory increased significantly to 582 million yuan, representing 23.77% of total assets, which may affect asset turnover efficiency and pose a risk of price declines [7][8]. - The intensifying competition in the software and information technology services industry is leading to increased operational costs and potential market risks due to aggressive marketing and pricing strategies [8].