紫光国微2025年中报简析：增收不增利，公司应收账款体量较大

Core Viewpoint - Unisoc's financial performance for the first half of 2025 shows a mixed picture, with revenue growth but a decline in net profit, indicating potential challenges in profitability despite increased sales [1] Financial Performance Summary - Total revenue for the first half of 2025 reached 3.047 billion yuan, a year-on-year increase of 6.07% compared to 2.873 billion yuan in 2024 [1] - Net profit attributable to shareholders was 692 million yuan, down 6.18% from 738 million yuan in the previous year [1] - In Q2 2025, total revenue was 2.021 billion yuan, reflecting a significant year-on-year increase of 16.68%, while net profit for the quarter rose by 32.92% to 573 million yuan [1] - Gross margin decreased to 55.56%, down 4.00% year-on-year, and net margin fell to 22.71%, down 12.28% [1] - Total operating expenses (sales, management, and financial expenses) amounted to 282 million yuan, representing 9.26% of revenue, an increase of 22.34% year-on-year [1] - Earnings per share decreased to 0.82 yuan, down 6.17% from 0.87 yuan in the previous year [1] Accounts Receivable and Cash Flow - Accounts receivable reached 5.034 billion yuan, with a significant ratio of 426.55% to net profit, indicating potential liquidity concerns [1][3] - Operating cash flow per share was 0.56 yuan, a decrease of 24.49% year-on-year [1] - Cash and cash equivalents decreased by 15.38% to 2.028 billion yuan due to investments in financial products and cash dividends [1][2] Investment and Market Activity - The company has seen a 24.0% increase in accounts receivable due to higher sales in the special integrated circuit business [2] - Financial assets increased by 51.97% as the company invested more in guaranteed floating income bank financial products [2] - Sales expenses rose by 59.49% as the company expanded its market presence, leading to higher labor and promotional costs [2] Fund Holdings - The largest fund holding Unisoc shares is the Huaxia National Semiconductor Chip ETF, which increased its position to 11.4205 million shares [4] - Other funds, including the E Fund National Defense and Military Industry Mixed A, also increased their holdings, indicating positive sentiment towards the company [4]