安凯客车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 - Ankai Bus (000868) reported strong financial performance for the first half of 2025, with significant increases in revenue and net profit compared to the previous year, indicating a positive trend in sales and operational efficiency [1]. Financial Performance - Total revenue reached 1.592 billion yuan, a year-on-year increase of 38.74% [1] - Net profit attributable to shareholders was 18.40 million yuan, up 153.46% year-on-year [1] - In Q2 alone, total revenue was 935 million yuan, reflecting a 62.52% increase year-on-year, while net profit for the quarter was 14.03 million yuan, soaring 483.21% [1] - Gross margin was 8.41%, down 4.1% year-on-year, while net margin improved to 0.28%, an increase of 87.75% [1] - Total operating expenses were 100 million yuan, accounting for 6.31% of revenue, a decrease of 24.68% year-on-year [1] Cash Flow and Receivables - Operating cash flow per share was -0.03 yuan, an improvement of 85.56% year-on-year [1] - Accounts receivable increased by 31.29% year-on-year, reaching 1.155 billion yuan [1][2] - Cash flow from operating activities saw a net increase of 85.56%, attributed to higher cash receipts from sales [2][8] Liabilities and Financial Health - Interest-bearing liabilities rose to 159 million yuan, a 44.54% increase [1] - Short-term borrowings increased by 49.99% due to higher credit borrowings [2] - The company maintained a healthy cash position, with cash and cash equivalents amounting to 1.229 billion yuan, a 72.26% increase year-on-year [1] Investment and Market Position - The company’s historical return on invested capital (ROIC) has been poor, with a median of -2.07% over the past decade [16] - The company relies heavily on research and marketing for its business model, necessitating further investigation into these drivers [17] Fund Holdings - The largest fund holding Ankai Bus is the Yongying Low Carbon Environmental Smart Selection Mixed Fund A, with 17.90 million shares and a recent net value increase of 2.88% [18]