众辰科技2025年中报简析：增收不增利，公司应收账款体量较大

Core Viewpoint - Zhongchen Technology (603275) reported mixed financial results for the first half of 2025, with revenue growth but a decline in net profit, indicating potential challenges in profitability despite stable revenue growth [1]. Financial Performance - Total revenue for the first half of 2025 reached 327 million yuan, a year-on-year increase of 2.16% [1]. - Net profit attributable to shareholders was 91.16 million yuan, down 13.64% year-on-year [1]. - In Q2 2025, total revenue was 177 million yuan, up 1.19% year-on-year, while net profit was 47.64 million yuan, down 18.34% year-on-year [1]. - Gross margin decreased to 40.46%, down 2.9% year-on-year, and net margin fell to 27.6%, down 16.09% year-on-year [1]. - Total operating expenses (sales, management, and financial expenses) amounted to 30.36 million yuan, accounting for 9.3% of revenue, an increase of 46.96% year-on-year [1]. Balance Sheet Highlights - Accounts receivable increased to 304 million yuan, representing 141.46% of the latest annual net profit [1][4]. - Cash and cash equivalents decreased by 26.69% to 642 million yuan [1]. - Interest-bearing debt surged by 9229.29% to 35.28 million yuan [1]. Cash Flow and Investment Metrics - Operating cash flow per share increased significantly by 621.42% to 0.33 yuan [1][3]. - The company's return on invested capital (ROIC) was 7.3%, indicating average capital returns [4]. - Historical data shows a median ROIC of 30.99% since the company went public, suggesting strong investment returns historically [4]. Fund Holdings - Major funds holding Zhongchen Technology include Huatai Baoxing Jinianfu Mixed Fund, which holds 129,300 shares, and has shown a significant increase in value over the past year [5].