岱勒新材2025年中报简析：增收不增利，公司应收账款体量较大

Financial Performance - Company reported total revenue of 201 million, a year-on-year increase of 1.79% [1] - Net profit attributable to shareholders was -67.21 million, a year-on-year decrease of 60.46% [1] - In Q2, total revenue reached 99.82 million, a year-on-year increase of 56.55% [1] - Q2 net profit attributable to shareholders was -35.21 million, a year-on-year increase of 16.28% [1] - Gross margin was -9.02%, a decrease of 302.74% year-on-year [1] - Net margin was -34.25%, a decrease of 57.48% year-on-year [1] - Earnings per share was -0.17, a decrease of 54.55% year-on-year [1] Accounts Receivable and Payable - Accounts receivable increased by 24.58% due to extended payment terms in the industry [2] - Accounts payable decreased by 30.73% as payments to suppliers were made [7] - Other payables decreased by 34.07% due to the completion of employee stock incentive subscriptions [7] Borrowing and Debt - Short-term borrowings increased by 58.55% due to an increase in long-term borrowings due within one year [3] - Long-term borrowings decreased by 46.31% for the same reason [4] - The company’s debt ratio for interest-bearing liabilities reached 25.79% [10] Cash Flow and Expenses - Operating cash flow per share was -0.1, a decrease of 125.22% year-on-year [1] - Total sales, management, and financial expenses amounted to 34.85 million, accounting for 17.37% of revenue, a year-on-year decrease of 13.33% [1] - Cash and cash equivalents net increase was -142.55%, influenced by extended payment terms and increased cash purchases of tungsten wire materials [9] Investment and R&D - R&D expenses decreased by 8.47% due to reduced stock incentive costs [9] - Investment activities generated a net cash flow decrease of 416.75% due to increased cash payments for fixed asset acquisitions [9] Business Evaluation - Historical median ROIC since listing is 10.66%, with the worst year being 2024 at -15.7% [9] - The company has reported losses in three out of seven annual reports since its listing, indicating a fragile business model [9]