新天科技2025年中报简析：营收净利润同比双双增长，公司应收账款体量较大

Core Insights - New Tian Technology (300259) reported a significant increase in revenue and net profit for the first half of 2025, with total revenue reaching 447 million yuan, up 24.39% year-on-year, and net profit of 78.9 million yuan, up 38.45% [1] Financial Performance - Total revenue for the second quarter of 2025 was 306 million yuan, reflecting a year-on-year increase of 55.49 [1] - The gross profit margin decreased to 41.39%, down 9.03% year-on-year, while the net profit margin improved to 17.66%, up 11.33% year-on-year [1] - The total of selling, administrative, and financial expenses was 69.96 million yuan, accounting for 15.65% of revenue, a decrease of 12.33% year-on-year [1] - Earnings per share increased to 0.07 yuan, a rise of 39.36% year-on-year [1] Accounts Receivable and Cash Flow - The accounts receivable balance was significant, with accounts receivable amounting to 551 million yuan, representing 287.71% of the net profit [1][5] - Operating cash flow per share remained stable at 0.02 yuan, with a year-on-year increase of 9.5% [1] Cost and Expenses - Operating costs increased by 33.77%, attributed to the rise in operating revenue [2] - Financial expenses surged by 59.04%, primarily due to a decrease in interest income compared to the previous year [2] Investment and Returns - The company's return on invested capital (ROIC) was 6.14%, indicating average capital returns, with a historical median ROIC of 8.3% over the past decade [4] - The net profit margin for the previous year was 21.52%, suggesting high added value in products or services [4]