万胜智能2025年中报简析：营收净利润同比双双增长，应收账款上升

Core Insights - Wan Sheng Intelligent (300882) reported a total revenue of 567 million yuan for the first half of 2025, representing a year-on-year increase of 16.35% [1] - The net profit attributable to shareholders reached 97.05 million yuan, up 12.96% year-on-year [1] - The company experienced a significant increase in accounts receivable, which rose by 61.4% compared to the previous year [1] Financial Performance - Total revenue for the first half of 2025 was 567 million yuan, compared to 487 million yuan in the same period of 2024, marking a 16.35% increase [1] - Net profit attributable to shareholders was 97.05 million yuan, up from 85.92 million yuan in 2024, a growth of 12.96% [1] - Gross margin improved to 36.21%, an increase of 6.18% year-on-year, while net margin decreased slightly to 17.12%, down 2.91% [1] Cash Flow and Working Capital - Cash and cash equivalents decreased by 37.35% to 371 million yuan, attributed to increased payments for inventory related to current orders [3] - Accounts receivable increased significantly by 61.4% to 501 million yuan, indicating a rise in credit sales [1][3] - Operating cash flow per share was -0.62 yuan, a drastic decline of 467.18% year-on-year, reflecting increased cash outflows for inventory purchases [1][4] Expense Analysis - Total selling, general, and administrative expenses amounted to 60.07 million yuan, accounting for 10.6% of revenue, which is a 21.38% increase from the previous year [1] - Management expenses rose by 31.79%, primarily due to increased employee compensation [3] - Financial expenses surged by 85.22%, mainly due to a decrease in bank deposit interest [3] Investment Metrics - The company's return on invested capital (ROIC) was reported at 8.99%, indicating average capital returns [4] - Historical data shows a median ROIC of 13.66% since the company went public, with the lowest recorded ROIC at 6.94% in 2021 [4] - The company’s net profit margin was 12.69%, suggesting a high value-added in its products or services [4]