华脉科技（603042）2025年中报简析：净利润同比下降434.55%，公司应收账款体量较大

Core Viewpoint - Huamai Technology (603042) reported disappointing financial results for the first half of 2025, with significant declines in revenue and net profit compared to the previous year [1] Financial Performance - Total revenue for the first half of 2025 was 375 million yuan, a decrease of 9.29% year-on-year [1] - Net profit attributable to shareholders was -21.8 million yuan, down 434.55% from the previous year [1] - In Q2 2025, total revenue was 220 million yuan, a decline of 8.14% year-on-year, with a net profit of -12.46 million yuan, a drop of 4860.38% [1] - Gross margin was 19.04%, an increase of 0.33% year-on-year, while net margin was -4.59%, a decrease of 78.51% [1] - Total operating expenses (selling, administrative, and financial) amounted to 69.71 million yuan, accounting for 18.58% of revenue, an increase of 7.9% year-on-year [1] Key Financial Ratios - Earnings per share (EPS) was -0.14 yuan, a decrease of 434.65% year-on-year [1] - Operating cash flow per share was -0.18 yuan, down 137.72% from the previous year [1] - The ratio of accounts receivable to net profit reached 3096.57%, indicating a significant issue with receivables management [2] Cash Flow Analysis - Net cash flow from operating activities decreased by 137.72% due to reduced cash collections compared to the previous year [3] - Net cash flow from investing activities increased by 105.38% due to the redemption of structured deposits [3] - Net cash flow from financing activities rose by 81.1% as repayments of bank loans increased compared to the previous year [3] Business Evaluation - The company's return on invested capital (ROIC) was 1.49% last year, indicating weak capital returns [3] - Historical data shows a median ROIC of 3.17% since the company went public, with three years of losses out of seven annual reports, suggesting a fragile business model [3] - The company's performance relies heavily on research and marketing efforts, necessitating a thorough examination of the underlying drivers of these efforts [3]