奥飞数据2025年中报简析：营收净利润同比双双增长，短期债务压力上升

Core Viewpoint - The recent financial report of Aofei Data (300738) shows a positive trend in revenue and net profit, despite a decline in quarterly revenue, indicating potential growth opportunities and financial pressures [1][3]. Financial Performance - Total revenue for the first half of 2025 reached 1.148 billion yuan, an increase of 8.2% year-on-year [1]. - Net profit attributable to shareholders was 87.89 million yuan, up 16.09% year-on-year [1]. - In Q2 2025, total revenue was 612 million yuan, a decrease of 9.97% compared to the previous year, while net profit for the same period was 36.14 million yuan, an increase of 43.37% year-on-year [1]. - Gross margin improved to 33.49%, a year-on-year increase of 39.75%, and net margin rose to 8.31%, up 15.47% year-on-year [1]. - The company reported a current ratio of 0.39, indicating increased short-term debt pressure [1]. Cost and Efficiency Metrics - Total operating expenses (sales, management, and financial expenses) amounted to 183 million yuan, accounting for 15.92% of revenue, which is a 12.9% increase year-on-year [1]. - Earnings per share (EPS) increased to 0.09 yuan, a rise of 13.43% year-on-year, while operating cash flow per share reached 0.46 yuan, up 91.04% year-on-year [1]. Debt and Cash Flow Analysis - The company’s cash and cash equivalents decreased by 31.81% to 388 million yuan, and accounts receivable fell by 33.53% to 417 million yuan [1]. - Interest-bearing liabilities increased by 32.31% to 8.232 billion yuan, leading to a debt-to-asset ratio of 45.29% [3]. Investment Sentiment - Analysts project a net profit of 208 million yuan for 2025, with an average EPS estimate of 0.21 yuan [4]. - Aofei Data is held by prominent fund managers, including Yang Zongchang from E Fund, who has recently increased his stake in the company [4][5].