Core Viewpoint - Jun Cheng Technology (301106) reported a mixed performance in its 2025 mid-year financial results, with revenue growth but declining profit margins and net profit in the second quarter [1]. Financial Performance - Total revenue for the first half of 2025 reached 461 million yuan, a year-on-year increase of 13.38% [1]. - Net profit attributable to shareholders was 54.17 million yuan, up 0.69% year-on-year [1]. - In Q2 2025, total revenue was 267 million yuan, reflecting a 9.19% increase year-on-year, while net profit decreased by 9.12% to 29.30 million yuan [1]. Profitability Metrics - Gross margin stood at 22.35%, down 8.86% year-on-year [1]. - Net margin was 11.74%, a decline of 11.19% compared to the previous year [1]. - The total of selling, administrative, and financial expenses was 17.24 million yuan, accounting for 3.74% of revenue, which is a 4.77% increase year-on-year [1]. Cash Flow and Assets - Cash and cash equivalents increased significantly by 73.10% to 496 million yuan [1]. - Operating cash flow per share was 0.74 yuan, a substantial increase of 487.25% year-on-year [1]. Receivables and Debt - Accounts receivable amounted to 327 million yuan, a 4.62% increase year-on-year, with accounts receivable to net profit ratio reaching 342.67% [1][3]. - The company reported interest-bearing liabilities of 21.24 million yuan [1]. Historical Performance - The company's return on invested capital (ROIC) was 6.66% last year, indicating average capital returns [1]. - Historical data shows a median ROIC of 17.66% since the company went public, with the lowest ROIC recorded in 2023 at 5.4% [1].
骏成科技2025年中报简析：营收净利润同比双双增长，公司应收账款体量较大