中科软2025年中报简析：增收不增利，公司应收账款体量较大

Core Viewpoint - Zhongke Soft (603927) reported mixed financial results for the first half of 2025, with revenue growth but a significant decline in net profit, indicating potential challenges in profitability and cash flow management [1] Financial Performance - Total revenue for the first half of 2025 reached 2.853 billion yuan, a year-on-year increase of 1.21% [1] - Net profit attributable to shareholders was 107 million yuan, down 43.36% year-on-year [1] - In Q2 2025, total revenue was 1.618 billion yuan, up 5.66% year-on-year, while net profit was 123 million yuan, down 24.42% year-on-year [1] - Gross margin decreased to 25.14%, a decline of 14.01% year-on-year, and net margin fell to 3.75%, down 44.04% year-on-year [1] - Total operating expenses (selling, administrative, and financial) amounted to 170 million yuan, accounting for 5.97% of revenue, a decrease of 12.96% year-on-year [1] Cash Flow and Receivables - The company reported a significant accounts receivable level, with accounts receivable amounting to 254.79% of the latest annual net profit [1] - Operating cash flow per share was -1.61 yuan, a decrease of 50.49% year-on-year, indicating cash flow challenges [1] Asset and Liability Changes - Cash and cash equivalents increased by 27.93% to 2.308 billion yuan, while accounts receivable decreased by 11.27% to 905 million yuan [1] - Financial expenses decreased by 71.11% due to increased interest income [3] - Other income decreased by 63.29% due to reduced VAT refunds and changes in tax policy [4] Business Model and Market Position - The company's performance is primarily driven by research and marketing efforts, necessitating a deeper analysis of these underlying drivers [5] - Historical data indicates a median Return on Invested Capital (ROIC) of 22.51% since its listing, suggesting a generally favorable investment return profile [4][6]