华瓷股份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

Financial Performance - The company reported a total revenue of 726 million yuan for the first half of 2025, representing a year-on-year increase of 25.1% [1] - The net profit attributable to shareholders reached 120 million yuan, up 21.63% year-on-year [1] - In Q2 alone, the revenue was 376 million yuan, showing a 24.95% increase compared to the same quarter last year [1] - The net profit for Q2 was 69.51 million yuan, reflecting a 31.51% year-on-year growth [1] Profitability Metrics - The gross margin stood at 33.04%, a decrease of 3.18% year-on-year [1] - The net profit margin was 16.33%, down 3.91% year-on-year [1] - Total selling, administrative, and financial expenses amounted to 78.41 million yuan, accounting for 10.79% of revenue, which is a decrease of 2.55% year-on-year [1] Cash Flow and Earnings - The earnings per share (EPS) was 0.48 yuan, an increase of 23.08% year-on-year [1] - The operating cash flow per share was 0.62 yuan, showing a significant increase of 315.6% year-on-year [1] - The net asset value per share was 6.92 yuan, up 7.64% year-on-year [1] Historical Performance and Return Metrics - The company's return on invested capital (ROIC) for the previous year was 11.73%, indicating average capital returns [2] - The historical median ROIC since the company went public is 11.8%, suggesting good investment returns [2] - The net profit margin for the previous year was 15.11%, indicating high added value for products or services [2] Debt and Liquidity - The company has a healthy cash asset position, indicating strong debt repayment capability [2] - The accounts receivable at the end of the reporting period accounted for 70.35% of the latest annual net profit, indicating a significant receivables balance [1]