麦捷科技2025年中报简析：营收净利润同比双双增长，应收账款上升

Financial Performance - The company reported a total revenue of 1.796 billion yuan for the first half of 2025, representing a year-on-year increase of 23.61% [1] - The net profit attributable to shareholders was 149 million yuan, up 3.3% year-on-year [1] - In Q2 2025, total revenue reached 1.015 billion yuan, a 30.72% increase compared to the same quarter last year [1] - The gross margin decreased to 15.78%, down 20.85% year-on-year, while the net margin fell to 8.41%, a decrease of 16.76% [1] - The company's accounts receivable increased significantly, with a year-on-year growth of 45.8%, reaching 1.423 billion yuan [1] Cash Flow and Financial Ratios - The operating cash flow per share dropped to 0.05 yuan, a decline of 66.02% year-on-year [1] - The total financial expenses increased by 37.74%, attributed to higher interest expenses and foreign exchange losses [3] - The net cash flow from operating activities decreased by 65.63%, due to changes in customer payment terms and structure [3] - The company's return on invested capital (ROIC) was 6.59%, indicating average capital returns [3][4] Investment and Market Position - The company is in the cultivation and expansion phase for its AI glasses market, with stable but low growth in shipments [5] - The most significant fund holding the company’s shares is the Xingyin CSI 1000 Index Enhanced A Fund, with a scale of 107 million yuan and a recent net value increase of 1.13% [4]