时空科技2025年中报简析：亏损收窄，公司应收账款体量较大

Financial Performance - The company reported a total revenue of 144 million yuan for the first half of 2025, a decrease of 10.95% year-on-year [1] - The net profit attributable to shareholders was -66.27 million yuan, an increase of 11.12% year-on-year [1] - In Q2 2025, total revenue was 73.06 million yuan, down 27.8% year-on-year, while the net profit attributable to shareholders was -30.64 million yuan, up 21.37% year-on-year [1] Key Financial Ratios - Gross margin was 18.26%, a decrease of 14.76% year-on-year [1] - Net margin was -46.29%, an increase of 0.51% year-on-year [1] - Total expenses (selling, administrative, and financial) amounted to 66.59 million yuan, accounting for 46.36% of revenue, an increase of 20.73% year-on-year [1] Balance Sheet Highlights - The company had accounts receivable of 402 million yuan, which represented 117.93% of the latest annual revenue [1] - Cash and cash equivalents increased by 47.11% year-on-year to 295.67 million yuan [1] - Interest-bearing debt rose by 25.21% year-on-year to 107 million yuan [1] Earnings Per Share - The earnings per share was -0.67 yuan, an increase of 10.67% year-on-year [1] - The net asset per share decreased by 16.84% year-on-year to 12.78 yuan [1] - Operating cash flow per share was 0.8 yuan, an increase of 196.98% year-on-year [1] Historical Performance - The company's historical return on invested capital (ROIC) median since listing is 22.16%, with the worst year being 2024 at -16.07% [3] - The company has reported losses in four out of its four annual reports since listing, indicating a generally poor financial performance [3] - The average operating cash flow over the past three years has been negative, raising concerns about cash flow sustainability [3]