能辉科技2025年中报简析：增收不增利，公司应收账款体量较大

Financial Performance - Company reported total revenue of 899 million yuan for the first half of 2025, an increase of 44.8% year-on-year [1] - Net profit attributable to shareholders was 28.77 million yuan, a decrease of 9.47% year-on-year [1] - In Q2 2025, total revenue reached 589 million yuan, up 56.67% year-on-year, while net profit attributable to shareholders was 23.03 million yuan, an increase of 5.53% year-on-year [1] - Gross margin was 12.4%, down 28.26% year-on-year, and net margin was 3.2%, down 37.48% year-on-year [1] - Total selling, administrative, and financial expenses amounted to 60.71 million yuan, accounting for 6.75% of revenue, a decrease of 5.22% year-on-year [1] - Earnings per share was 0.19 yuan, a decrease of 9.52% year-on-year [1] Financial Ratios and Metrics - Return on Invested Capital (ROIC) for the previous year was 5.06%, indicating average capital returns [2] - Historical median ROIC since listing is 16.26%, with the worst year being 2022 at 2.4% [2] - Cash flow situation is concerning, with the average operating cash flow over the past three years being -53.92% of current liabilities [2] - Accounts receivable reached 1152.29% of net profit, indicating a significant collection issue [2] Business Focus - Company's primary business is in photovoltaic new energy, including centralized photovoltaic power plants and distributed photovoltaic systems [3] - Current strategy aims to stabilize the main business while focusing on overseas expansion, commercial vehicle charging and swapping, and energy storage [3]