海南高速2025年中报简析：增收不增利，应收账款上升

Core Viewpoint - Hainan Highway (000886) 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 - Total revenue reached 171 million yuan, a year-on-year increase of 314.3% compared to 41.19 million yuan in 2024 [1]. - Net profit attributable to shareholders was -35.31 million yuan, a decline of 220.92% from 29.20 million yuan in the previous year [1]. - The gross profit margin was 14.52%, down 49.47% year-on-year, while the net profit margin was -18.56%, a decrease of 127.29% [1]. Cash Flow and Receivables - Operating cash flow per share was -0.05 yuan, an improvement of 85.33% from -0.35 yuan in the previous year [1]. - Accounts receivable increased significantly by 450.82%, reaching 182 million yuan compared to 33.05 million yuan in 2024 [1][4]. Cost and Expenses - Total expenses (selling, administrative, and financial) amounted to 61.97 million yuan, accounting for 36.32% of revenue, a decrease of 67.13% year-on-year [1]. - Financial expenses increased by 89.2% due to reduced interest from time deposits [4]. Investment and Returns - Investment income decreased by 83.48% due to reduced returns from associated enterprises [5]. - The company's return on invested capital (ROIC) was 1.53%, indicating weak capital returns, with a historical median ROIC of 2.1% over the past decade [6]. Other Financial Metrics - The company reported a significant increase in credit impairment losses by 1081.19% due to the recovery of receivables [6]. - The asset disposal income increased by 474.28% due to the disposal of usage rights assets [6].