浩云科技2025年中报简析：增收不增利，公司应收账款体量较大

Core Viewpoint - Haoyun Technology (300448) reported a significant increase in revenue but a substantial decline in net profit for the first half of 2025, indicating potential operational challenges despite revenue growth [1]. Financial Performance Summary - Total revenue for the reporting period reached 274 million yuan, a year-on-year increase of 76.41% [1]. - Net profit attributable to shareholders was -15.52 million yuan, a year-on-year decrease of 349.61% [1]. - In Q2 alone, total revenue was 213 million yuan, up 191.29% year-on-year, while net profit was -9.44 million yuan, down 405.53% year-on-year [1]. - The gross margin was 16.17%, a decrease of 64.59% year-on-year, and the net margin was -8.25%, down 448.72% year-on-year [1]. - Total operating expenses (selling, administrative, and financial) amounted to 41.41 million yuan, accounting for 15.11% of revenue, a decrease of 48.21% year-on-year [1]. - Earnings per share were -0.02 yuan, a decrease of 349.46% year-on-year [1]. Changes in Financial Items - Accounts receivable increased by 67.01% due to higher revenue [2]. - Contract liabilities decreased by 31.86% due to reduced advance payments [2]. - Lease liabilities decreased by 100% as the company paid off lease payments [2]. - Financial assets increased by 88.03% due to the purchase of wealth management products [2]. - Other current assets decreased by 38.47% due to a reduction in deductible and certified input tax [2]. Cash Flow and Investment Activities - Net cash flow from operating activities decreased by 303.19% due to increased cash payments for goods and services [4]. - Net cash flow from investing activities increased by 66.67% as the company reduced purchases of bank wealth management products [4]. - Net cash flow from financing activities increased by 106.1% as there were no share buybacks in the reporting period [4]. Business Evaluation - The company's historical return on invested capital (ROIC) has been relatively low, with a median of 12.54% since its listing, and a particularly poor ROIC of -4.53% in 2023 [5]. - The company has experienced two years of losses since its IPO, indicating a fragile business model [5]. - The company maintains a healthy cash asset position, which is crucial for its debt repayment capacity [5].