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, Ruankong Co., Ltd., reported a significant increase in revenue for the first half of 2025, but faced a decline in net profit due to multiple challenges, including foreign exchange losses and rising costs [2][4]. Revenue Performance - In the first half of 2025, Ruankong Co., Ltd. achieved operating revenue of 3.881 billion yuan, representing a year-on-year growth of 20.33% [2][3]. - The manufacturing and installation sector contributed the majority of revenue, reaching 3.771 billion yuan, up 20.86% year-on-year [3]. - The company's overseas business revenue surged by 78.75% to 1.208 billion yuan, increasing its share of total revenue from 20.96% to 31.14% [3][4]. 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% [4][5]. - 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 [4]. Cost and Expense Analysis - Operating costs increased to 3.017 billion yuan, a year-on-year rise of 20.72%, slightly outpacing revenue growth [5]. - Taxes and additional charges surged from 15.544 million yuan to 121 million yuan, marking a 680% increase [5]. Cash Flow and Financial Health - The net cash flow from operating activities dropped by 60.37% to 102 million yuan, down from 257 million yuan in the previous year [6]. - Accounts receivable rose to 1.366 billion yuan, a 31.73% increase from the end of the previous year, indicating pressure on cash flow [6]. - Inventory levels increased to 7.996 billion yuan, up 15.06% from the end of the previous year, reflecting a significant investment in unsold products [7]. Strategic Outlook - The company is focusing on improving accounts receivable management and optimizing asset quality to mitigate risks associated with cash flow and inventory [6][7]. - Ruankong Co., Ltd. aims to adapt to changing domestic and international economic conditions to sustain growth and address potential challenges [7].