科安达2025年中报简析：增收不增利，公司应收账款体量较大

Core Viewpoint - The recent financial report of Kanda (002972) shows a mixed performance with a revenue increase but a decline in net profit, highlighting concerns over accounts receivable and profitability metrics [1][3]. Financial Performance Summary - Total revenue for the first half of 2025 reached 160 million yuan, a year-on-year increase of 12.27% compared to 143 million yuan in 2024 [1]. - Net profit attributable to shareholders was 51.69 million yuan, down 7.99% from 56.18 million yuan in the previous year [1]. - The second quarter revenue was 79.21 million yuan, up 8.19% year-on-year, while net profit for the same period fell by 33.76% to 19.66 million yuan [1]. - Gross margin decreased to 62.22%, down 2.61% year-on-year, and net margin fell to 32.22%, a decline of 17.94% [1]. - Total operating expenses (sales, management, and financial expenses) amounted to 26.16 million yuan, representing 16.3% of revenue, a decrease of 14.89% [1]. - Earnings per share (EPS) decreased to 0.21 yuan, down 7.41% from 0.23 yuan [1]. Accounts Receivable and Cash Flow - Accounts receivable were significant, amounting to 468 million yuan, which is 531.76% of the net profit, raising concerns about cash flow management [1][3]. - Operating cash flow per share was 0.26 yuan, a decrease of 23.63% year-on-year [1]. Investment and Fund Holdings - The largest fund holding Kanda is Xin'ao Star Bright Mixed A, which increased its position to 49,200 shares, with a recent net value of 1.8218, reflecting a 99.15% increase over the past year [4].