富瀚微2025年中报简析：净利润同比下降78.1%，三费占比上升明显

Core Viewpoint - The financial performance of 富瀚微 (300613) for the first half of 2025 shows significant declines in revenue and net profit compared to the previous year, indicating potential challenges in the company's operations and cost management [1]. Financial Performance Summary - Total revenue for the first half of 2025 was 688 million yuan, a decrease of 14.04% year-on-year [1]. - Net profit attributable to shareholders was 23.02 million yuan, down 78.1% year-on-year [1]. - Gross margin decreased to 35.45%, down 5.63% year-on-year, while net margin plummeted to 0.27%, a decrease of 97.44% [1]. - The total of selling, administrative, and financial expenses reached 91.68 million yuan, accounting for 13.33% of total revenue, an increase of 47.16% year-on-year [1]. - Earnings per share fell to 0.1 yuan, a decrease of 78.26% year-on-year [1]. Cash Flow and Asset Management - Cash and cash equivalents increased by 22.74% due to timely collection of previous sales receivables [3]. - Accounts receivable decreased by 28.42%, also attributed to the collection of prior sales [3]. - Operating cash flow per share improved by 80.34% to 1.54 yuan, indicating better cash management [1]. Debt and Liabilities - Interest-bearing debt rose by 2.69% to 666 million yuan [1]. - Short-term borrowings increased by 22.38%, primarily due to bank loans and bill discounts [4]. - Contract liabilities surged by 161.16%, reflecting an increase in customer prepayments [5]. Expense Analysis - Sales expenses increased by 53.94%, driven by higher sales personnel investments [10]. - Financial expenses skyrocketed by 1955.33%, mainly due to a decrease in bank interest income [10]. - Tax expenses decreased significantly by 689.17%, indicating a reduction in tax liabilities [10]. Business Model and Market Position - The company relies heavily on research and development for its business performance [11]. - The return on invested capital (ROIC) for the previous year was 6.37%, which is considered average [10]. - Analysts project that the company's performance for 2025 will reach 265 million yuan, with an average earnings per share of 1.14 yuan [11].