森马服饰2025年中报简析：增收不增利，公司应收账款体量较大

Core Insights - The company Semir Apparel (002563) reported a total revenue of 6.149 billion yuan for the first half of 2025, reflecting a year-on-year increase of 3.26%, while the net profit attributable to shareholders decreased by 41.17% to 325 million yuan [1] - The second quarter revenue was 3.07 billion yuan, up 9.04% year-on-year, but the net profit for the same period fell by 46.29% to 111 million yuan [1] - The company's accounts receivable accounted for 82.68% of the latest annual net profit, indicating a significant reliance on receivables [1] Financial Performance - Total revenue for 2025 was 6.149 billion yuan, up from 5.955 billion yuan in 2024, a growth of 3.26% [1] - Net profit attributable to shareholders dropped from 553 million yuan in 2024 to 325 million yuan in 2025, a decline of 41.17% [1] - Gross margin improved slightly to 46.7%, an increase of 1.27% year-on-year, while net margin fell to 5.19%, down 43.85% [1] - Total expenses (selling, administrative, and financial) reached 2.124 billion yuan, accounting for 34.54% of revenue, an increase of 20.52% year-on-year [1] Cash Flow and Assets - Operating cash flow per share was -0.1 yuan, a significant decrease of 5008.49% compared to the previous year [1] - The company experienced a 10.07% decrease in cash and cash equivalents, attributed to increased procurement payments [1] - Accounts receivable increased by 14.6% to 940 million yuan, while interest-bearing debt surged by 164.03% to 454 million yuan [1] Operational Changes - The company opened new stores, leading to a 17.98% increase in right-of-use assets and a 36.29% rise in prepayments [3][7] - Contract liabilities rose by 38.12% due to increased advance payments from customers [5] - The company reported a 244.16% increase in other income, primarily from government subsidies [9] Market Position and Future Outlook - The company's return on invested capital (ROIC) was 8.04%, indicating average capital returns, with a historical median ROIC of 10.67% over the past decade [9] - Analysts project a net profit of 1.095 billion yuan for 2025, with an average earnings per share estimate of 0.41 yuan [9]