Core Viewpoint - Doli Technology (001311) reported a mixed performance for the first half of 2025, with revenue growth but a significant decline in net profit, indicating challenges in profitability despite increased sales [1][7]. Financial Performance - Total revenue for the first half of 2025 reached 1.734 billion yuan, a year-on-year increase of 13.15% compared to 1.533 billion yuan in 2024 [1][2]. - Net profit attributable to shareholders was 157 million yuan, down 28.13% from 219 million yuan in the previous year [1][2]. - The second quarter saw total revenue of 862 million yuan, up 14.53% year-on-year, while net profit for the quarter was 62.13 million yuan, down 40.31% [1]. Profitability Metrics - Gross margin decreased to 17.66%, a decline of 21.41% year-on-year, while net margin fell to 9.07%, down 36.19% [1][3]. - The total of selling, administrative, and financial expenses was 72.34 million yuan, accounting for 4.17% of revenue, an increase of 12.3% year-on-year [1][3]. Balance Sheet Highlights - Accounts receivable stood at 971 million yuan, representing a decrease of 5.48% from the previous year, but the accounts receivable to net profit ratio reached 228.55% [1][5]. - Net assets per share decreased to 14.67 yuan, down 19.54% year-on-year, while earnings per share dropped to 0.51 yuan, a decline of 44.57% [1][5]. Operational Insights - Inventory increased by 20.45% due to new customer orders, while construction in progress surged by 127.42% due to new factory and equipment investments [2][4]. - Operating costs rose by 20.17%, influenced by increased sales and asset depreciation [3]. Market Position and Future Outlook - The company's return on invested capital (ROIC) was 9.18%, indicating average capital returns, with historical median ROIC at 20.29% since its listing [5]. - Analysts project a net profit of 381 million yuan for 2025, with an average earnings per share estimate of 1.23 yuan [5].
多利科技2025年中报简析：增收不增利，公司应收账款体量较大