西力科技2025年中报简析：净利润同比增长8.85%，盈利能力上升

Core Viewpoint - Xili Technology (688616) reported a decline in total revenue for the first half of 2025, while net profit increased, indicating a mixed financial performance [1] Financial Performance Summary - Total revenue for the first half of 2025 was 250 million yuan, a decrease of 8.43% year-on-year [1] - Net profit attributable to shareholders was 40.35 million yuan, an increase of 8.85% year-on-year [1] - In Q2 2025, total revenue was 150 million yuan, down 10.31% year-on-year, while net profit was 19.38 million yuan, a decrease of 2.58% year-on-year [1] - Gross margin increased by 3.41% year-on-year to 29.0%, and net margin increased by 18.86% to 16.11% [1] - Total operating expenses (selling, administrative, and financial) amounted to 18.15 million yuan, accounting for 7.25% of revenue, a decrease of 20.5% year-on-year [1] Key Financial Ratios - Earnings per share (EPS) rose to 0.23 yuan, an increase of 9.52% year-on-year [1] - Operating cash flow per share was 0.17 yuan, a significant increase of 283.83% year-on-year [1] - Net asset value per share decreased to 4.57 yuan, down 15.84% year-on-year [1] Changes in Financial Items - Accounts receivable increased by 703.46% due to a significant amount of endorsed but not yet matured notes [2] - Prepayments increased by 320.26% due to higher material payments [2] - Contract liabilities rose by 130.45% due to increased advance payments [2] - Other receivables decreased by 61.44% due to the recovery of equity consideration and bid guarantees [2] Cash Flow Analysis - Net cash flow from operating activities increased by 319.83% due to reduced inventory and lower material payments [3] - Net cash flow from investing activities increased by 78.49% due to the disposal of shares in Hangzhou Bank [3] - Net cash flow from financing activities decreased by 70.59% due to increased dividend distributions [3] Debt and Solvency - The company has a healthy cash asset position, indicating strong solvency [4] - The accounts receivable to profit ratio reached 209.33%, suggesting a need for monitoring [4]