通裕重工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 - Tongyu Heavy Industry (300185) reported a revenue increase of 7.59% year-on-year for the first half of 2025, reaching 2.943 billion yuan, with a significant rise in net profit by 49.7% to 60.739 million yuan [1] Financial Performance - Total revenue for the second quarter of 2025 was 1.527 billion yuan, up 14.11% year-on-year, while net profit for the same period decreased by 27.29% to 21.8704 million yuan [1] - The gross profit margin was 13.34%, a decrease of 3.67% year-on-year, while the net profit margin improved by 39.83% to 2.12% [1] - Total operating expenses (sales, management, and financial expenses) amounted to 185 million yuan, accounting for 6.28% of revenue, down 8.08% year-on-year [1] - Earnings per share increased by 100% to 0.02 yuan, and operating cash flow per share rose by 35.36% to 0.03 yuan [1] Balance Sheet and Cash Flow - Cash and cash equivalents decreased by 13.44% to 1.13 billion yuan, while accounts receivable fell by 6.87% to 2.034 billion yuan [1] - Interest-bearing liabilities decreased by 5.78% to 5.528 billion yuan [1] - The company’s cash flow situation is concerning, with cash and cash equivalents representing only 7.5% of total assets and 27.74% of current liabilities [3] Debt and Financial Health - The interest-bearing asset-liability ratio reached 36.67%, and the ratio of interest-bearing liabilities to the average operating cash flow over the past three years was 660.8% [3] - Financial expenses accounted for 1805.54% of the average operating cash flow over the past three years, indicating high financial burden [3] Investment and Market Position - The company’s return on invested capital (ROIC) was 1.32%, indicating weak capital returns, with a historical median ROIC of 4.45% over the past decade [1][2] - The company’s business model relies heavily on research and marketing, necessitating further investigation into the underlying drivers of these areas [2] Fund Holdings - The largest fund holding Tongyu Heavy Industry is the Caitong Advanced Manufacturing Select Mixed Fund A, with a holding of 188,800 shares, newly entering the top ten holdings [4]