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西部材料2025年中报简析:净利润同比下降36.03%,公司应收账款体量较大

Core Viewpoint - Western Materials (002149) reported disappointing financial results for the first half of 2025, with a decline in both revenue and net profit compared to the previous year [1][3]. Financial Performance - Total revenue for the first half of 2025 was 1.539 billion yuan, a decrease of 0.35% year-on-year [1]. - Net profit attributable to shareholders was 61.1646 million yuan, down 36.03% year-on-year [1]. - In Q2 2025, total revenue was 785 million yuan, a decline of 6.53% year-on-year, while net profit was 29.0062 million yuan, down 50.76% year-on-year [1]. - Gross margin was 17.66%, a decrease of 22.66% year-on-year, and net margin was 4.55%, down 43.88% year-on-year [1]. - The company reported a significant increase in accounts receivable, which reached 142.1 million yuan, representing 900.78% of the latest annual net profit [1]. Cost and Efficiency Metrics - Total selling, administrative, and financial expenses amounted to 105 million yuan, accounting for 6.83% of revenue, a decrease of 20.77% year-on-year [1]. - Earnings per share (EPS) was 0.13 yuan, down 36.01% year-on-year, while operating cash flow per share was -0.06 yuan, a decrease of 119.85% year-on-year [1]. Investment Returns - The company's return on invested capital (ROIC) for the previous year was 4.28%, indicating weak capital returns [3]. - Historical data shows a median ROIC of 4.63% over the past decade, with two years of losses since the company went public [3]. Debt and Cash Flow - The company’s cash flow situation is concerning, with cash and cash equivalents covering only 27.8% of current liabilities [3]. - The interest-bearing debt ratio reached 22.36%, indicating a significant level of debt [3]. Fund Holdings - The largest fund holding Western Materials is the Guotou Ruijin National Security Mixed A fund, which increased its holdings to 17.3979 million shares [4]. - Other funds, such as the China Merchants Industry Selection Stock A fund, also increased their positions in the company [4].