海外营收同比增78.75%，国际化取得显著成效 软控股份上半年为何增收不增利？

Core Viewpoint - The company, Soft Control Co., Ltd., reported a significant increase in revenue for the first half of 2025, but faced a decline in net profit due to various challenges, including foreign exchange losses and rising costs [1][3]. Revenue Performance - In the first half of 2025, Soft Control achieved a revenue of 3.881 billion yuan, marking a year-on-year growth of 20.33% [1][2]. - The manufacturing and installation sector contributed the majority of the revenue, reaching 3.771 billion yuan, up 20.86% year-on-year [2]. - The overseas business revenue surged by 78.75% to 1.208 billion yuan, increasing its share of total revenue from 20.96% to 31.14% [2]. Profitability Challenges - The net profit attributable to shareholders fell by 23.84% to 146 million yuan, with a net profit of 131 million yuan after excluding non-recurring gains and losses, down 21.19% [3]. - Foreign exchange losses significantly impacted profitability, with financial expenses related to foreign exchange losses amounting to 11.746 million yuan, compared to a gain of 2.847 million yuan in the previous year [3]. Cash Flow and Financial Health - The net cash flow from operating activities dropped by 60.37% to 102 million yuan, attributed to increased procurement due to business growth [5]. - Accounts receivable rose by 31.73% to 1.366 billion yuan, indicating pressure on cash flow and potential risks related to bad debts [5]. - Inventory levels increased by 15.06% to 7.996 billion yuan, reflecting significant capital tied up in unsold products [6]. Strategic Outlook - The company aims to enhance its accounts receivable management to mitigate collection risks and improve asset quality [5]. - Soft Control is focused on adapting to changing domestic and international economic conditions to sustain revenue growth [6].