晨曦航空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 Chenxi Aviation (300581) reported a significant increase in total revenue for the first half of 2025, with a year-on-year growth of 108.92%, reaching 26.8469 million yuan, while the net profit attributable to shareholders decreased by 42.84% to -36.256 million yuan [1][2] Financial Performance - Total revenue for the first half of 2025 was 26.8469 million yuan, up from 12.8502 million yuan in the same period of 2024, marking a growth of 108.92% [1] - The net profit attributable to shareholders was -36.256 million yuan, compared to -25.383 million yuan in the previous year, reflecting a decline of 42.84% [1] - The gross profit margin decreased to 39.15%, down 23.8% year-on-year, while the net profit margin was -135.05%, an increase of 31.63% [1] - The total of selling, administrative, and financial expenses amounted to 13.2984 million yuan, accounting for 49.53% of revenue, a decrease of 52.82% year-on-year [1] Cash Flow and Assets - The company reported a significant increase in cash flow from investing activities, with a change of 112.27%, attributed to the redemption of bank-linked structured deposits [3] - The net increase in cash and cash equivalents was up by 82.12%, also due to the redemption of structured deposits [3] - The average operating cash flow over the past three years is notably negative, indicating potential liquidity issues [4] Accounts Receivable and Inventory - Accounts receivable reached 41.2 million yuan, representing 292.98% of the latest annual revenue, indicating a high level of outstanding payments [1] - Inventory levels increased by 8.6%, attributed to production based on order delivery schedules [2] Other Financial Metrics - The company’s earnings per share (EPS) was -0.07 yuan, a decrease of 42.95% year-on-year [1] - The company has a historical median Return on Invested Capital (ROIC) of 9.62%, with the worst year being 2024 at -2.76% [2]