英杰电气2025年中报简析：净利润同比下降32.71%，公司应收账款体量较大

Financial Performance - The company reported total revenue of 722 million yuan for the first half of 2025, a decrease of 9.42% year-on-year [1] - The net profit attributable to shareholders was 119 million yuan, down 32.71% compared to the previous year [1] - The gross margin was 36.57%, reflecting a decline of 13.4% year-on-year, while the net profit margin decreased by 27.86% to 16.91% [1] - The company's accounts receivable amounted to 370 million yuan, representing an increase of 2.48% year-on-year, with accounts receivable accounting for 114.54% of the net profit [1][4] Cash Flow and Debt Management - The net cash flow from operating activities decreased by 31.05%, attributed to a reduction in cash received from sales of goods and services [3] - The company experienced a 100% decrease in short-term borrowings as a subsidiary repaid its bank loans [3] - The net increase in cash and cash equivalents dropped by 100.81%, due to reduced cash flows from operating and investing activities [3] Business Overview - The company specializes in the research and manufacturing of industrial power supplies, with core businesses including power control and special power supplies [5] - The company is actively transforming its business strategy, focusing on the semiconductor and charging pile sectors, which have shown promising growth [5] - The semiconductor business has been steadily increasing its share, achieving breakthroughs in domestic power supply replacements for critical processes [5] Investment Insights - The company has a strong historical return on invested capital (ROIC) of 13.93%, with a median ROIC of 22.89% since its listing [4] - The company maintains healthy cash assets, with a cash-to-current liabilities ratio of 86.69% [4] - The largest fund holding the company's shares is the Zheshang Smart Selection Pioneer One-Year Holding Mixed A Fund, with a current scale of 150 million yuan [4]