山科智能2025年中报简析：净利润同比下降48.36%，公司应收账款体量较大

Core Insights - The company, Shankang Intelligent (300897), reported a significant decline in financial performance for the first half of 2025, with total revenue of 236 million yuan, down 28.96% year-on-year, and a net profit of 21.41 million yuan, down 48.36% year-on-year [1] Financial Performance Summary - Total revenue for the first half of 2025 was 236 million yuan, compared to 332 million yuan in the same period of 2024, reflecting a decrease of 28.96% [1] - Net profit attributable to shareholders was 21.41 million yuan, down from 41.47 million yuan in 2024, a decline of 48.36% [1] - The gross profit margin improved to 40.96%, an increase of 6.0% year-on-year, while the net profit margin decreased to 8.86%, down 28.65% [1] - Total expenses (selling, administrative, and financial) amounted to 57.03 million yuan, representing 24.16% of revenue, an increase of 35.14% year-on-year [1] - Earnings per share dropped to 0.15 yuan, a decrease of 50.0% compared to 0.30 yuan in 2024 [1] Cash Flow and Receivables - The company reported a significant increase in accounts receivable, which reached 391 million yuan, accounting for 479.74% of the latest annual net profit [1][4] - Operating cash flow per share was -0.16 yuan, showing an improvement of 64.78% year-on-year [1] Cost and Expense Analysis - Operating costs decreased by 31.64%, attributed to the decline in revenue [3] - Financial expenses saw a drastic reduction of 1792.45%, due to decreased unrecognized financing costs [3] - Tax expenses decreased by 74.96%, reflecting a reduction in total profit for the reporting period [3] Business Model and Return on Investment - The company's return on invested capital (ROIC) for the previous year was 8.08%, indicating average capital returns [4] - The historical median ROIC since the company's listing is 19.68%, suggesting a generally favorable investment return profile [4] - The business model relies heavily on marketing-driven performance, necessitating further investigation into the underlying drivers [4]