巨星科技2025年中报简析：营收净利润同比双双增长，公司应收账款体量较大

Core Viewpoint - The recent financial report of Juxing Technology (002444) shows a steady growth in revenue and net profit, indicating a positive performance despite a slight decline in quarterly revenue [1] Financial Performance Summary - Total revenue for the first half of 2025 reached 7.027 billion yuan, a year-on-year increase of 4.87% [1] - Net profit attributable to shareholders was 1.273 billion yuan, up 6.63% year-on-year [1] - In Q2 2025, total revenue was 3.371 billion yuan, a decrease of 0.69% compared to the same quarter last year [1] - Q2 net profit attributable to shareholders was 812 million yuan, reflecting a year-on-year increase of 4.08% [1] - The gross profit margin was 31.95%, a slight decrease of 0.31% year-on-year, while the net profit margin improved by 2.07% to 18.69% [1] - Total operating expenses (sales, management, and financial expenses) amounted to 878 million yuan, accounting for 12.49% of revenue, an increase of 1.32% year-on-year [1] Key Financial Ratios - Earnings per share (EPS) increased to 1.07 yuan, a rise of 6.62% year-on-year [1] - The company's net asset value per share was 15.17 yuan, up 14.77% year-on-year [1] - Operating cash flow per share reached 0.87 yuan, a significant increase of 77.73% year-on-year [1] Accounts Receivable and Debt Management - Accounts receivable stood at 3.073 billion yuan, representing 133.39% of the net profit, indicating a high level of receivables relative to profit [5] - Interest-bearing debt decreased significantly by 31.26% to 1.403 billion yuan [1] Fund Management and Market Position - The company is held by notable fund managers, including Fu Pengbo from Ruifeng Fund, who has increased his holdings [5][6] - The largest fund holding Juxing Technology is Ruifeng Growth Value Mixed A, with a scale of 168.39 billion yuan and a recent net value of 1.6746 [6]