XINGYE TECH.(SZ:002674) Zheng Quan Zhi Xing·2025-08-26 23:08Core Insights - The company reported a total revenue of 1.339 billion yuan for the first half of 2025, representing a year-on-year increase of 6.16%, while the net profit attributable to shareholders decreased by 45.32% to 31.25 million yuan [1] - The company's accounts receivable is significantly high, with accounts receivable accounting for 329.42% of the latest annual net profit [1] Financial Performance - Total revenue for 2025: 1.339 billion yuan, up 6.16% from 2024 [1] - Net profit for 2025: 31.25 million yuan, down 45.32% from 2024 [1] - Gross margin: 20.49%, up 0.65% year-on-year [1] - Net margin: 4.76%, down 25.33% year-on-year [1] - Total expenses (selling, administrative, financial): 102 million yuan, accounting for 7.62% of revenue, up 11.77% year-on-year [1] - Earnings per share: 0.11 yuan, down 45.91% year-on-year [1] Cash Flow and Debt - Cash and cash equivalents increased by 5.63% to 855 million yuan [1] - Short-term borrowings increased by 32.41% due to additional bank loans [2] - Long-term borrowings decreased by 47.51% due to repayment [2] - The company has a healthy cash asset position [7] Accounts Receivable and Liabilities - Accounts receivable increased by 16.84% to 467 million yuan [1] - The company has a high level of contract liabilities, increasing by 79.21% due to increased advance payments [2] - Other payables increased significantly by 631.23% due to unpaid dividends [2] Investment and Returns - The company's return on invested capital (ROIC) was 6.19%, indicating average capital returns [6] - Historical data shows a median ROIC of 3.91% over the past decade, with the lowest being 1.26% in 2017 [6] - Analysts expect 2025 performance to reach 134 million yuan, with an average earnings per share of 0.45 yuan [8]