奥飞数据（300738）2025年中报简析：营收净利润同比双双增长，短期债务压力上升

Core Viewpoint - AoFei Data (300738) reported a revenue increase of 8.2% year-on-year for the first half of 2025, with a total revenue of 1.148 billion yuan and a net profit of 87.89 million yuan, reflecting a 16.09% increase compared to the previous year [1] Financial Performance - Total revenue for the first half of 2025 reached 1.148 billion yuan, up from 1.061 billion yuan in 2024, marking an 8.2% increase [1] - Net profit attributable to shareholders was 87.89 million yuan, compared to 75.71 million yuan in 2024, representing a 16.09% increase [1] - Gross margin improved to 33.49%, a 39.75% increase year-on-year, while net margin rose to 8.31%, up 15.47% [1] - Operating cash flow per share increased significantly by 91.04% to 0.46 yuan [1] Debt and Cash Flow - The company's short-term debt pressure increased, with a current ratio of 0.39 [1] - Cash and cash equivalents decreased by 31.81% to 5.7 billion yuan [1] - Interest-bearing liabilities rose by 32.31% to 62.22 billion yuan [1] Expense Management - Total selling, administrative, and financial expenses amounted to 183 million yuan, accounting for 15.92% of revenue, which is a 12.9% increase year-on-year [1] Investment Insights - The company has a Return on Invested Capital (ROIC) of 4.28%, indicating a relatively weak capital return [5] - The average ROIC since the company went public is 11.03%, suggesting historical investment returns have been better [5] - Analysts expect the company's performance in 2025 to reach 208 million yuan, with an average earnings per share of 0.21 yuan [4] Fund Management - The company is held by prominent fund manager Yang Zongchang from E Fund, who has recently increased his stake [6] - E Fund's Supply-side Reform Mixed Fund holds 9.754 million shares, reflecting an increase in holdings [7]