七彩化学2025年中报简析：增收不增利，公司应收账款体量较大

Financial Performance - The company reported total revenue of 759 million yuan for the first half of 2025, an increase of 2.75% year-on-year [1] - The net profit attributable to shareholders was 52.47 million yuan, a decrease of 21.91% compared to the previous year [1] - In Q2 2025, total revenue was 394 million yuan, down 5.3% year-on-year, and net profit was 21.69 million yuan, down 52.45% [1] - The gross margin was 31.92%, an increase of 0.83% year-on-year, while the net margin decreased by 22.11% to 7.48% [1] - Total operating expenses were 104 million yuan, accounting for 13.7% of revenue, an increase of 2.4% year-on-year [1] Cash Flow and Debt - The net cash flow from operating activities decreased by 105.85%, attributed to increased year-end bonuses and tax payments, as well as changes in payment methods for some procurement [2] - The net cash flow from investing activities decreased by 173.66% due to increased project expenditures [2] - The net cash flow from financing activities increased by 189.61% due to increased borrowings [2] - The company's cash position is concerning, with cash and cash equivalents accounting for only 8.26% of total assets and 36.63% of current liabilities [3] Accounts Receivable and Return on Investment - Accounts receivable reached 261 million yuan, representing 209.1% of net profit, indicating a significant amount of outstanding payments [1][3] - The company's return on invested capital (ROIC) was 6.14%, which is considered average, with a historical median ROIC of 10.89% since its listing [2] - The company has experienced one loss year since its IPO, suggesting the need for further investigation into its financial stability [2]