盈建科2025年中报简析：净利润同比下降32.01%，公司应收账款体量较大

Core Viewpoint - The financial performance of Yingjianke (300935) for the first half of 2025 shows a decline in revenue and net profit, indicating potential challenges in its business operations and financial health [1] Financial Performance Summary - Total revenue for the reporting period was 48.449 million, a year-on-year decrease of 4.11% [1] - Net profit attributable to shareholders was -32.3764 million, a year-on-year decline of 32.01% [1] - In Q2, total revenue was 32.636 million, down 11.1% year-on-year [1] - Q2 net profit attributable to shareholders was -14.4984 million, a significant drop of 176.86% year-on-year [1] - Gross margin was 82.29%, down 11.18% year-on-year [1] - Net margin was -66.83%, a decrease of 37.67% year-on-year [1] - Total selling, administrative, and financial expenses amounted to 47.3446 million, representing 97.72% of revenue, an increase of 7.91% year-on-year [1] - Earnings per share were -0.41, a decrease of 32.26% year-on-year [1] Changes in Financial Items - Cash and cash equivalents decreased by 85.36% due to the purchase of bank wealth management products not yet matured [2] - Inventory decreased by 62.85% as contract performance costs were realized in sales [2] - Lease liabilities decreased by 34.67% due to a reduction in unpaid lease payments [2] - Long-term receivables decreased by 48.55% due to a reduction in receivables from long-term installment contracts [2] - Development expenditures increased by 58.71% due to capitalized investments in self-research projects [2] - Employee compensation payable decreased by 42.34% due to the payment of last year's accrued bonuses [2] - Tax payable decreased by 63.83% due to a reduction in value-added tax payable at the end of the reporting period [2] Cost and Expense Analysis - Operating costs increased by 130.93% due to rising hardware equipment costs [3] - Financial expenses rose by 54.02% due to decreased interest income from bank deposits and increased interest expenses on lease liabilities [4] Business Evaluation - The company's net margin last year was -37.95%, indicating low added value for its products or services [5] - Historical data shows a median ROIC of 37.4% since listing, with significant fluctuations in investment returns [5] - The company has reported losses in four out of its eight years since listing, suggesting potential concerns for value investors [5] Cash Flow and Financial Health - The company has a concerning cash flow situation, with a three-year average of operating cash flow to current liabilities at -128.27% [7] - Financial expenses have been consistently negative over the past three years, indicating potential liquidity issues [7] Business Model Insights - The company's performance relies heavily on research and marketing efforts, necessitating a thorough examination of the underlying drivers of these activities [6]