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龙软科技2025年中报简析:净利润同比下降86.43%,三费占比上升明显

Financial Performance - The company reported total revenue of 85.9753 million yuan for the first half of 2025, a decrease of 38.75% year-on-year [1] - The net profit attributable to shareholders was 4.8191 million yuan, down 86.43% compared to the previous year [1] - The gross margin was 37.06%, reflecting a decline of 36.14% year-on-year, while the net margin fell to 4.16%, down 83.41% [1] - The total of selling, administrative, and financial expenses reached 19.3821 million yuan, accounting for 22.54% of total revenue, an increase of 35.97% year-on-year [1] Cash Flow and Assets - Operating cash flow per share was 0.12 yuan, an increase of 145.62% year-on-year, indicating improved cash recovery [1][16] - The company’s cash and cash equivalents increased by 12.86% to 106 million yuan [2] - Accounts receivable decreased by 10.29% to 459 million yuan, reflecting improved collection efforts [1][10] Changes in Financial Items - The company experienced a significant decrease in trading financial assets by 34.54% due to reduced investment in bank wealth management products [2] - Prepayments increased by 166.92% as payments to suppliers rose, while accounts payable decreased [2] - Inventory rose by 59.27% due to delays in customer acceptance and increased costs of ongoing projects [2] Business Model and Market Position - The company relies heavily on research and marketing for its performance, with a historical average return on invested capital (ROIC) of 12.5% since its listing [17][18] - The company’s artificial intelligence technology is primarily applied in coal mining, focusing on enhancing safety and operational efficiency through intelligent monitoring and decision-making systems [18]