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茂硕电源2025年中报简析:增收不增利,公司应收账款体量较大

Core Viewpoint - Maoshuo Power (002660) reported a mixed performance in its 2025 interim report, with revenue growth but significant declines in net profit and profitability metrics [1][3]. Financial Performance - Total revenue for the first half of 2025 reached 652 million yuan, a year-on-year increase of 9.97% compared to 593 million yuan in 2024 [1]. - The net profit attributable to shareholders was -22.53 million yuan, representing a year-on-year decline of 168.17% from a profit of 33.05 million yuan in the previous year [1]. - The gross profit margin decreased to 15.31%, down 40.58% from 25.77% in 2024 [1]. - The net profit margin turned negative at -4.48%, a significant drop of 200.19% from 4.47% in the prior year [1]. - The company reported a substantial increase in accounts receivable, which reached 545 million yuan, up 26.31% from 432 million yuan in 2024 [1]. Operational Metrics - The company's operating cash flow per share was -0.12 yuan, a decrease of 304.68% from -0.03 yuan in the previous year [1]. - The total of selling, administrative, and financial expenses amounted to 86.66 million yuan, accounting for 13.28% of revenue, a slight decrease of 4.62% from 13.93% in 2024 [1]. - The return on invested capital (ROIC) for the previous year was 4.14%, indicating weak capital returns [3]. - The average cash flow from operations over the past three years was only 11.69% of current liabilities, suggesting potential liquidity concerns [3]. Business Model Insights - The company's business performance relies heavily on research and marketing efforts, necessitating a deeper analysis of the underlying drivers of these activities [3]. - Historical data indicates that the company has experienced three years of losses since its IPO, highlighting a fragile business model [3].