万集科技2025年中报简析：营收上升亏损收窄，盈利能力上升

Core Viewpoint - Wanji Technology (300552) reported a revenue increase of 11.47% year-on-year for the first half of 2025, with total revenue reaching 421 million yuan, while the net profit attributable to shareholders improved by 32.98% to -100 million yuan [1] Financial Performance - Total revenue for the second quarter of 2025 was 231 million yuan, reflecting a year-on-year increase of 5.82% [1] - Gross profit margin increased by 11.87% year-on-year to 31.42%, while the net profit margin improved by 39.55% to -23.41% [1] - Total expenses (selling, administrative, and financial) amounted to 155 million yuan, accounting for 36.69% of revenue, a decrease of 4.98% year-on-year [1] - Earnings per share improved by 32.98% to -0.47 yuan, while operating cash flow per share increased by 18.88% to -0.56 yuan [1] Cash Flow and Financial Health - Cash and cash equivalents increased by 148.96% to 132.9 million yuan, while accounts receivable decreased by 14.78% to 88.8 million yuan [1] - The company’s net cash flow from investment activities decreased significantly by 925.59% due to increased cash outflows for investments [2] - The net increase in cash and cash equivalents rose by 33.97%, influenced by the combined effects of operating, investing, and financing activities [2] Business Model and Historical Performance - The company relies heavily on research and development for its business performance, which requires careful examination of the underlying drivers [2] - Historical data indicates a median Return on Invested Capital (ROIC) of 8.24%, with the worst year being 2024, showing a ROIC of -16.8% [2] - The company has reported losses in three out of eight years since its listing, indicating a fragile business model [2]