赢合科技上半年营收净利双降

Core Performance - The company reported a revenue of 4.264 billion yuan for the first half of 2025, a year-on-year decline of 3.68% [2] - The net profit attributable to shareholders was 271 million yuan, down 19.84% year-on-year [2] - The net profit after deducting non-recurring gains and losses was 268 million yuan, a decrease of 17.99% compared to the previous year [2] Cash Flow and Financial Position - The net cash flow from operating activities was -221 million yuan, an improvement from -716 million yuan in the same period last year, but still negative [2] - The company's cash and cash equivalents at the end of the period were 2.026 billion yuan, a decrease of 231 million yuan from the beginning of the period [2] Accounts Receivable and Inventory - As of the end of June, accounts receivable amounted to 6.239 billion yuan, accounting for 36.98% of total assets, with credit impairment losses of 933 million yuan during the same period [2] - Inventory surged to 3.484 billion yuan, an increase of 48.66% from the end of the previous year, attributed to increased orders leading to higher work-in-progress inventory [2] - The company recognized inventory impairment provisions of 162 million yuan during the reporting period, indicating potential risks if market demand does not meet expectations [2]