万马科技2025年中报简析：营收净利润同比双双增长，应收账款上升

Financial Performance - The company reported a total revenue of 339 million yuan for the first half of 2025, representing a year-on-year increase of 50.91% [1] - The net profit attributable to shareholders was 16.46 million yuan, up 3.06% year-on-year [1] - In Q2 2025, total revenue reached 190 million yuan, a year-on-year increase of 34.62%, while net profit decreased by 20.96% to 11.45 million yuan [1] - The gross margin was 31.39%, down 12.18% year-on-year, and the net margin was 4.72%, down 33.56% year-on-year [1] Financial Ratios and Metrics - The company's return on invested capital (ROIC) was 7.52% last year, indicating average capital returns [3] - The historical median ROIC since the company went public is 5.36%, with two years of losses since its listing [3] - The cash flow situation is concerning, with cash and cash equivalents to current liabilities at only 28.17% [4] Accounts Receivable and Liabilities - Accounts receivable increased by 31.66% year-on-year, reaching 447.1 million yuan, which is 1082.71% of the profit [1][4] - Interest-bearing liabilities rose by 64.65% to 140 million yuan [1] Market and Industry Trends - The company operates in a sector that is seeing significant policy support for the commercialization of autonomous driving, with new regulations being implemented in major cities [5]