浙江龙盛（600352）2025年中报简析：净利润同比增长2.84%，盈利能力上升

Core Viewpoint - Zhejiang Longsheng (600352) reported a mixed financial performance for the first half of 2025, with a decline in revenue but an increase in net profit, indicating improved profitability metrics despite overall revenue challenges [1]. Financial Performance Summary - Total revenue for the first half of 2025 was 6.505 billion yuan, a decrease of 6.46% year-on-year [1]. - Net profit attributable to shareholders was 928 million yuan, an increase of 2.84% year-on-year [1]. - In Q2 2025, total revenue was 3.27 billion yuan, down 5.71% year-on-year, while net profit for the quarter was 532 million yuan, a decline of 24.51% year-on-year [1]. - Gross margin improved to 29.8%, up 6.69% year-on-year, and net margin increased to 16.14%, up 9.45% year-on-year [1]. - Total operating expenses (selling, administrative, and financial) amounted to 714 million yuan, accounting for 10.97% of revenue, a decrease of 5.44% year-on-year [1]. - Earnings per share (EPS) was 0.29 yuan, a slight increase of 0.28% year-on-year [1]. Cash Flow and Debt Analysis - Cash flow from operating activities saw a significant increase of 92.48%, attributed to higher pre-sale amounts received by the real estate subsidiary [3]. - The company’s cash assets are reported to be healthy, with a cash asset to current liabilities ratio of 62.08% [6]. - Long-term borrowings decreased by 80.92% due to repayments made during the period [3]. Investment Insights - Analysts expect the company's performance for 2025 to reach 2.044 billion yuan, with an average EPS forecast of 0.63 yuan [4]. - The company has seen varied fund holdings, with the largest being the Xingzheng Global Xinyue Mixed Fund, which increased its stake [5]. Accounts Receivable and Inventory Concerns - Accounts receivable have reached 108.59% of profit, indicating potential collection issues [6]. - Inventory levels are high, with inventory to revenue ratio at 185.53%, suggesting possible overstocking or slow turnover [6].