漳州发展2025年中报简析：净利润同比增长4.96%，应收账款上升

Financial Performance - The company reported total revenue of 1.288 billion yuan for the first half of 2025, a decrease of 0.42% year-on-year [1] - The net profit attributable to shareholders was 38.71 million yuan, an increase of 4.96% year-on-year [1] - In Q2 2025, total revenue was 761 million yuan, up 6.53% year-on-year, while net profit attributable to shareholders was 21.58 million yuan, up 24.79% year-on-year [1] - The gross margin was 18.63%, an increase of 18.64% year-on-year, while the net margin was 3.54%, a decrease of 20.56% year-on-year [1] Financial Ratios and Metrics - The company’s total expenses (selling, administrative, and financial) amounted to 91.08 million yuan, representing 7.07% of revenue, an increase of 41.57% year-on-year [1] - Earnings per share (EPS) was 0.03 yuan, down 19.09% year-on-year, while the net asset per share was 2.76 yuan, up 0.92% year-on-year [1] - The operating cash flow per share was -0.20 yuan, an increase of 16.31% year-on-year [1] Changes in Financial Items - The construction in progress increased by 50.29% due to new photovoltaic projects [3] - Non-current assets due within one year decreased by 65.25% due to the maturity of large time deposits [3] - Other non-current financial assets increased by 91.52% due to new investments in a partnership [3] - Management expenses increased by 45.91% due to acquisitions included in the consolidated financial statements [3] Business Model and Investment Returns - The company's historical return on invested capital (ROIC) has been weak, with a median of 2.71% over the past decade and a particularly poor ROIC of -0.45% in 2024 [4] - The business model relies heavily on capital expenditures and marketing, necessitating careful evaluation of the profitability of capital projects [4] Cash Flow and Debt Situation - The cash flow situation is concerning, with a cash to current liabilities ratio of only 23.7% and an average operating cash flow to current liabilities ratio of 0.62 over the past three years [5] - The company’s interest-bearing debt ratio has reached 36.98%, indicating a significant debt burden [5] - Accounts receivable have reached 3715.38% of profit, highlighting potential liquidity issues [5]