四方科技2025年中报简析：净利润同比下降47.82%

Financial Performance - The company reported a net profit of 69.32 million yuan for the first half of 2025, a decrease of 47.82% year-on-year [1] - Total operating revenue for the same period was 861 million yuan, down 14.53% year-on-year [1] - The gross profit margin was 20.15%, a decline of 19.26% compared to the previous year [1] - The net profit margin fell to 8.05%, down 38.95% year-on-year [1] - Earnings per share decreased to 0.22 yuan, a drop of 48.84% year-on-year [1] Cash Flow and Assets - Operating cash flow per share increased significantly to 0.71 yuan, up 337.55% year-on-year [1] - Cash and cash equivalents decreased by 45.88% to 515 million yuan [1] - Accounts receivable increased by 87.85% to 99.47 million yuan due to relaxed customer credit policies [4] - Short-term borrowings rose by 200% as the company increased its short-term debt [8] Financial Ratios and Costs - Total expenses (selling, administrative, and financial) amounted to 51.39 million yuan, accounting for 5.97% of revenue, an increase of 10.14% year-on-year [1] - The company's return on invested capital (ROIC) was 8.97%, indicating average capital returns [13] - The historical median ROIC since the company went public is 12.45%, suggesting a generally good investment return [13] Changes in Financial Items - The company saw a 60.17% increase in trading financial assets due to an increase in structured deposits [3] - There was a 65.46% increase in accounts receivable financing, attributed to an increase in receivable notes [5] - Other current assets decreased by 63.24% due to a reduction in deductible VAT input tax [6] - The company experienced a 57.57% increase in construction in progress, indicating ongoing investments [7]