锦富技术2025年中报简析：营收上升亏损收窄，公司应收账款体量较大

Group 1 - The core viewpoint of the article highlights that Jinfu Technology (300128) reported a mixed financial performance for the first half of 2025, with a revenue increase but continued net losses [1] - The total operating revenue for the first half of 2025 reached 973 million yuan, representing a year-on-year increase of 20.83% [1] - The net profit attributable to the parent company was -115 million yuan, showing a slight year-on-year improvement of 0.36% [1] Group 2 - In Q2 2025, the operating revenue was 522 million yuan, up 24.83% year-on-year, while the net profit attributable to the parent company was -65.09 million yuan, down 14.7% year-on-year [1] - The company's accounts receivable accounted for 40.84% of the total operating revenue, indicating a significant amount of outstanding payments [1] - The gross margin was reported at 7.08%, a decrease of 30.35% year-on-year, while the net margin improved to -13.13%, an increase of 25.32% year-on-year [1] Group 3 - Total expenses for sales, management, and finance amounted to 152 million yuan, which is 15.58% of revenue, down 36.08% year-on-year [1] - The company's cash flow per share was -0.23 yuan, a decrease of 59.11% year-on-year, indicating worsening cash flow conditions [1] - The company has a historical median ROIC of -2.64% over the past decade, reflecting poor investment returns [1]