JUTZE(SZ:300802) Zheng Quan Zhi Xing·2025-08-26 23:08Core Viewpoint - The recent financial report of Matrix Technology (300802) shows a year-on-year increase in revenue and net profit, but also highlights concerns regarding accounts receivable and declining profitability metrics [1][2]. Financial Performance - Total revenue for the first half of 2025 reached 389 million yuan, a year-on-year increase of 22.99% [1]. - Net profit attributable to shareholders was 50.1 million yuan, up 10.14% year-on-year [1]. - In Q2 2025, total revenue was 206 million yuan, reflecting a 34.91% increase compared to the same quarter last year [1]. - Q2 net profit attributable to shareholders was 17.9 million yuan, a 30.7% increase year-on-year [1]. Profitability Metrics - Gross margin decreased to 29.65%, down 1.28% year-on-year [1]. - Net margin fell to 12.72%, a decline of 10.03% compared to the previous year [1]. - Total operating expenses (sales, management, and financial expenses) amounted to 30.4 million yuan, representing 7.81% of revenue, an increase of 13.97% year-on-year [1]. Cash Flow and Debt - Operating cash flow per share dropped to 0.04 yuan, a significant decrease of 77.15% year-on-year [1]. - The company reported a substantial increase in interest-bearing liabilities, which rose by 190.97% to 196.7 million yuan [1]. - Cash and cash equivalents increased by 94.27% to 784 million yuan [1]. Accounts Receivable - Accounts receivable reached 311 million yuan, accounting for 468.74% of the latest annual net profit, indicating a potential liquidity concern [1][3]. Management and Operational Insights - Management expenses increased by 32.78% due to higher consulting and litigation costs [2]. - The company’s return on invested capital (ROIC) was reported at 3.37%, indicating weak capital returns [2]. - The business model relies heavily on research and development, necessitating a deeper analysis of the underlying drivers [3].