赛恩斯2025年中报简析：增收不增利，应收账款上升

Core Viewpoint - The recent financial report of Sains (688480) shows a mixed performance with a significant increase in revenue but a sharp decline in net profit, indicating potential challenges in cost management and cash flow [1][3]. Financial Performance Summary - Total revenue for the first half of 2025 reached 423 million yuan, an increase of 18.81% year-on-year, while net profit attributable to shareholders was 49.03 million yuan, down 57.5% [1]. - In Q2 2025, total revenue was 253 million yuan, a slight increase of 0.34% year-on-year, with net profit of 31.30 million yuan, down 12.91% [1]. - The gross margin decreased to 35.01%, down 5.61% year-on-year, and the net margin fell to 12.36%, down 62.72% [1]. - Total receivables increased by 36.01% year-on-year, indicating potential liquidity issues [1]. Expense Analysis - Total operating expenses (sales, management, and financial expenses) amounted to 58.95 million yuan, accounting for 13.94% of revenue, a slight decrease of 1.79% year-on-year [1]. - Sales expenses rose by 24.02% due to increased market development costs associated with expanding domestic and international markets [3]. - Management expenses increased by 17.77% as the company invested in talent development and faced higher employee compensation [3]. - Financial expenses decreased by 73.4% due to reduced exchange losses and interest expenses [3]. Cash Flow and Investment - Operating cash flow per share was -0.49 yuan, a significant decline of 5194.18% year-on-year, primarily due to changes in customer payment methods and increased R&D investments [1][4]. - Investment cash flow increased by 67.04% due to last year's significant investment in acquiring a stake in another company [4]. - Financing cash flow decreased by 184.43% as the company increased cash payments for loan repayments [4]. Research and Development - R&D expenses increased by 36.06%, reflecting the company's commitment to innovation and growth in R&D personnel and materials [4]. Market Position and Future Outlook - The company's return on invested capital (ROIC) was 17.09%, indicating strong capital returns, with a historical median ROIC of 10.22% since its listing [5]. - Analysts expect the company's performance in 2025 to reach 192 million yuan, with an average earnings per share of 2.01 yuan [6].