威孚高科2025年中报简析：增收不增利，公司应收账款体量较大

Core Viewpoint - 威孚高科 (000581) reported mixed financial results for the first half of 2025, with a slight increase in revenue but a significant decline in net profit compared to the previous year [1]. Financial Performance Summary - Total revenue for the first half of 2025 reached 5.76 billion yuan, a year-on-year increase of 1.16% [1]. - Net profit attributable to shareholders was 702 million yuan, down 26.45% year-on-year [1]. - In Q2 2025, total revenue was 2.93 billion yuan, up 4.85% year-on-year, while net profit was 347 million yuan, down 14.25% year-on-year [1]. - Gross margin decreased to 17.28%, a decline of 5.21% year-on-year, and net margin fell to 12.38%, down 29.62% year-on-year [1]. - Total operating expenses (selling, administrative, and financial) amounted to 430 million yuan, accounting for 7.47% of revenue, an increase of 2.08% year-on-year [1]. Cash Flow and Receivables - The company reported a significant receivables issue, with accounts receivable amounting to 35.33 billion yuan, which is 212.88% of the net profit [1][3]. - Operating cash flow per share was 0.51 yuan, a decrease of 43.06% year-on-year [1]. - The net increase in cash and cash equivalents was significantly higher, with a change of 339.15% due to increased cash flow from investment and financing activities [2]. Investment and Fund Holdings - The company has a Return on Invested Capital (ROIC) of 7.69%, indicating average capital returns, with a historical median ROIC of 12.21% over the past decade [2]. - The largest fund holding in 威孚高科 is 国联安小盘精选混合, with 2.3273 million shares, reflecting an increase in holdings [3].