贝肯能源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

Group 1 - The core viewpoint of the news is that Beiken Energy (002828) has shown significant growth in its financial performance for the first half of 2025, with notable increases in revenue and net profit compared to the previous year [1] - The total operating revenue for the first half of 2025 reached 465 million yuan, representing a year-on-year increase of 26.14% [1] - The net profit attributable to shareholders for the same period was 13.82 million yuan, up 33.35% year-on-year [1] Group 2 - In Q2 2025, the total operating revenue was 323 million yuan, marking a substantial year-on-year increase of 59.96% [1] - The net profit attributable to shareholders in Q2 2025 was 8.80 million yuan, showing an impressive year-on-year increase of 1803.17% [1] - The company's gross profit margin was 21.42%, a decrease of 2.13% compared to the previous year, while the net profit margin improved by 4.62% to 2.93% [1] Group 3 - The company reported a significant increase in cash assets, with monetary funds reaching 281 million yuan, a rise of 157.50% year-on-year [1] - Accounts receivable increased to 730 million yuan, up 12.15% from the previous year, with accounts receivable to profit ratio reaching 16889.3% [1][3] - The total expenses (selling, administrative, and financial) amounted to 46.80 million yuan, accounting for 10.07% of revenue, a decrease of 25.45% year-on-year [1] Group 4 - The company's return on invested capital (ROIC) was reported at 1.82%, indicating weak capital returns in recent years [2] - The historical median ROIC since the company went public is 6.62%, with a particularly poor performance in 2022, where ROIC was -23.35% [2] - The company has a healthy cash asset position, but attention is needed on cash flow and debt levels, with a debt ratio of 31.06% for interest-bearing liabilities [3]