康平科技2025年中报简析：增收不增利，公司应收账款体量较大

Core Viewpoint - 康平科技 (300907) reported mixed financial results for the first half of 2025, with slight revenue growth but a decline in net profit compared to the previous year [1] Financial Performance - Total revenue for the first half of 2025 reached 574 million yuan, a year-on-year increase of 1.76% [1] - Net profit attributable to shareholders was 44.31 million yuan, down 2.24% year-on-year [1] - In Q2 2025, total revenue was 303 million yuan, showing a minimal increase of 0.09% year-on-year, while net profit decreased by 6.69% to 25.40 million yuan [1] Key Financial Ratios - Gross margin stood at 19.11%, a decrease of 1.73% year-on-year [1] - Net margin was 7.71%, down 3.42% compared to the previous year [1] - Total expenses (selling, administrative, and financial) amounted to 36.31 million yuan, accounting for 6.33% of revenue, a slight increase of 0.09% year-on-year [1] Balance Sheet Highlights - Cash and cash equivalents increased by 54.26% to 244 million yuan [1] - Accounts receivable rose by 6.63% to 384 million yuan, with accounts receivable to net profit ratio reaching 451.94% [1][3] - Interest-bearing debt decreased by 5.89% to 190 million yuan [1] Earnings Per Share - Earnings per share (EPS) was 0.46 yuan, a decrease of 2.24% year-on-year [1] - Operating cash flow per share was 0.72 yuan, down 8.61% from the previous year [1] - Net asset value per share increased by 4.33% to 8.30 yuan [1] Expense Analysis - Sales expenses increased by 31.59% due to a rise in sales personnel and consulting service fees [3] - Financial expenses decreased significantly by 113.93% due to increased interest income and reduced exchange losses [3] Cash Flow Insights - Net cash flow from financing activities decreased by 42.94% due to reduced bank financing [3] - Net increase in cash and cash equivalents fell by 33.5% as a result of decreased cash flow from operating and financing activities [3] Return on Investment - The company's return on invested capital (ROIC) was 9.29%, indicating average capital returns [3] - Historical median ROIC since listing is 10.95%, with the lowest recorded ROIC at 2.66% in 2021 [3]