神思电子2025年中报简析：营收上升亏损收窄，应收账款上升

Core Viewpoint - The recent financial report of ShenSi Electronics (300479) shows significant revenue growth but continues to face challenges with net profit and cash flow [1][3]. Financial Performance - For the first half of 2025, the company reported total revenue of 192 million yuan, a year-on-year increase of 176.3% [1]. - The net profit attributable to shareholders was -58.82 million yuan, showing a year-on-year improvement of 23.9% [1]. - In Q2 2025, total revenue reached 111 million yuan, up 124.47% year-on-year, while the net profit attributable to shareholders was -29.98 million yuan, an increase of 18.19% year-on-year [1]. Key Financial Metrics - Gross margin improved to 23.05%, up 12.65% year-on-year [1]. - Net margin was -31.92%, reflecting a 72.88% year-on-year improvement [1]. - Total operating expenses (sales, management, and financial expenses) amounted to 66.12 million yuan, accounting for 34.38% of revenue, a decrease of 58.88% year-on-year [1]. - The company's cash flow per share was -1.81 yuan, a decline of 108.07% year-on-year [1]. Balance Sheet Insights - Accounts receivable increased by 43.06% year-on-year, reaching 241 million yuan [1]. - The company’s cash and cash equivalents decreased by 70.73% to 104 million yuan [1]. - Interest-bearing liabilities decreased by 19.96% to 62.29 million yuan [1]. Business Model and Performance Evaluation - The company's return on invested capital (ROIC) was 1.85% last year, indicating weak capital returns [3]. - The historical median ROIC since the company went public is 4.98%, with three years of losses out of nine annual reports, suggesting a fragile business model [3]. - The company relies heavily on research and marketing for its performance, necessitating a deeper analysis of these driving factors [3]. Cash Flow and Receivables Concerns - The cash flow situation is concerning, with a cash to current liabilities ratio of only 55.01% [3]. - The accounts receivable to profit ratio has reached 1478.56%, indicating potential issues with collections [3].