兴瑞科技2025年中报简析：净利润同比下降43.67%，公司应收账款体量较大

Core Viewpoint - The financial performance of Xingrui Technology (002937) for the first half of 2025 shows significant declines in revenue and net profit compared to the previous year, indicating potential challenges in the company's operations and market conditions [1]. Financial Performance Summary - Total revenue for the first half of 2025 was 870 million yuan, a decrease of 13.27% year-on-year [1]. - Net profit attributable to shareholders was 83.16 million yuan, down 43.67% year-on-year [1]. - The gross profit margin was 24.42%, reflecting a decrease of 13.12% year-on-year, while the net profit margin fell to 9.5%, down 35.28% year-on-year [1]. - The total of selling, administrative, and financial expenses reached 76.63 million yuan, accounting for 8.8% of revenue, an increase of 34.59% year-on-year [1]. - Earnings per share decreased to 0.28 yuan, down 42.86% year-on-year, while operating cash flow per share increased to 0.56 yuan, up 44.74% year-on-year [1]. Changes in Financial Items - Cash and cash equivalents decreased by 12.6% due to dividend payments and the purchase of structured deposits [3]. - Accounts receivable decreased by 5.9% as the company improved credit management and tracking of receivables [3]. - Fixed assets decreased by 4.27% due to increased depreciation [3]. - Construction in progress increased by 225.82% due to new projects in Suzhou and Thailand [3]. - The company experienced a 116% increase in financial expenses due to higher interest expenses and exchange rate fluctuations [4]. Investment and Market Position - The company's return on invested capital (ROIC) was 11.92%, indicating average capital returns, while the historical median ROIC since listing is 16.03% [5]. - Analysts expect the company's performance for 2025 to be around 245 million yuan, with an average earnings per share forecast of 0.82 yuan [6]. Fund Holdings - Notable funds holding Xingrui Technology include NuAn Flexible Allocation Mixed Fund, which increased its holdings, and Guangda Anyang One-Year Holding Period Mixed Fund, which entered the top ten holdings [7].