弘宇股份2025年中报简析：净利润同比下降9.37%，公司应收账款体量较大

Financial Performance - Company reported total revenue of 174 million, a year-on-year decrease of 6.64% [1] - Net profit attributable to shareholders was approximately 8.36 million, down 9.37% year-on-year [1] - In Q2, total revenue was 71.97 million, a decline of 10.13% year-on-year, with net profit of 3.17 million, down 19.22% [1] - Gross margin was 17.91%, an increase of 23.92% year-on-year, while net margin was 4.82%, a decrease of 2.92% [1] - Total operating expenses were 12.89 million, accounting for 7.43% of revenue, an increase of 2.28% year-on-year [1] - Earnings per share was 0.05, down 9.39% year-on-year [1] Financial Ratios and Metrics - Company’s return on invested capital (ROIC) was 2.83%, indicating weak capital returns [3] - Historical median ROIC since listing is 5.26%, with the lowest recorded ROIC of 1.55% in 2019 [3] - Cash flow from operating activities showed a significant decline of 585.41% [2][3] Accounts Receivable and Cash Flow - Accounts receivable accounted for 682.75% of the latest annual net profit, indicating a large receivables burden [1][3] - Cash and cash equivalents decreased by 71.1% due to reduced cash from sales [2] - Net cash flow from financing activities increased by 100% as no dividends were paid during the period [2] Research and Development - R&D investment increased by 31.1%, reflecting a commitment to innovation [2][3] - Company’s business model is primarily driven by R&D efforts, necessitating further analysis of underlying drivers [3]