世嘉科技2025年中报简析：净利润同比下降350.64%，公司应收账款体量较大

Financial Performance - The company's total revenue for the first half of 2025 was 411 million yuan, a decrease of 10.84% year-on-year [1] - The net profit attributable to shareholders was -44.61 million yuan, representing a decline of 350.64% compared to the previous year [1] - The gross profit margin fell to 6.01%, down 47.9% year-on-year, while the net profit margin was -11.0%, a decrease of 451.54% [1] - The total of selling, administrative, and financial expenses reached 33.61 million yuan, accounting for 8.18% of revenue, an increase of 19.28% year-on-year [1] - Earnings per share were -0.18 yuan, a decline of 357.14% compared to the previous year [1] Accounts Receivable and Cash Flow - Accounts receivable accounted for 244.14% of the latest annual net profit, indicating a significant collection issue [1][15] - Operating cash flow per share was 0.15 yuan, an increase of 390.15% year-on-year, reflecting improved cash management despite declining revenues [1][6] Changes in Financial Items - Accounts receivable decreased by 19.43% due to reduced income [3] - Inventory increased by 13.45% as production cycles lengthened [3] - Long-term borrowings rose by 153.21% due to increased financing for construction projects [4] - Financial expenses decreased by 205.96% due to increased exchange gains and reduced interest expenses [4] Investment and Capital Expenditure - The company’s return on invested capital (ROIC) was 9.09%, indicating average capital returns [14] - The business model relies heavily on capital expenditures, necessitating careful evaluation of the profitability of these investments [14] Overall Assessment - The company has experienced significant financial challenges, with a history of fluctuating performance and periods of loss, indicating a fragile business model [14][15] - Attention is needed on cash flow and accounts receivable management to improve financial stability [15]