麦克奥迪2025年中报简析：营收净利润同比双双增长，应收账款上升

Core Viewpoint - 麦克奥迪（300341）发布2025年中报，显示营业总收入和归母净利润均实现同比增长，财务指标表现良好，但应收账款显著上升，需关注其对现金流的影响 [1] Financial Performance - The total operating revenue for the first half of 2025 reached 691 million yuan, a year-on-year increase of 5.6% [1] - The net profit attributable to shareholders was 91.77 million yuan, up 18.46% year-on-year [1] - The gross profit margin was 40.57%, down 3.23% year-on-year, while the net profit margin increased to 12.95%, up 5.29% year-on-year [1] - Total expenses (selling, administrative, and financial) amounted to 130 million yuan, accounting for 18.8% of revenue, a decrease of 11.14% year-on-year [1] Cash Flow and Receivables - Accounts receivable increased significantly, with a year-on-year growth of 30.96%, indicating a rise in sales receivables [1][3] - Operating cash flow per share decreased to 0.06 yuan, down 74.37% year-on-year, reflecting reduced cash inflows from operating activities [1][5] Investment and Assets - Fixed assets increased by 40.50% due to the completion of the Xiang'an Phase III project [3][4] - The net cash flow from investment activities rose by 58.35%, attributed to reduced construction and increased cash from asset disposals [6] Other Financial Metrics - The company reported a return on invested capital (ROIC) of 7.59%, indicating average capital returns [7] - The expected performance for 2025 is projected at 174 million yuan, with an average earnings per share of 0.34 yuan [7]