中研股份2025年中报简析：净利润同比下降59.89%，三费占比上升明显

Core Viewpoint - The recent financial report of Zhongyan Co., Ltd. (688716) indicates a decline in revenue and net profit for the first half of 2025, raising concerns about the company's financial health and operational efficiency [1]. Financial Performance - The total revenue for the first half of 2025 was 131 million yuan, a decrease of 2.1% year-on-year [1]. - The net profit attributable to shareholders was 7.03 million yuan, down 59.89% compared to the previous year [1]. - In Q2 2025, total revenue was 66.72 million yuan, reflecting a significant decline of 29.71% year-on-year [1]. - The net profit for Q2 2025 was 1.37 million yuan, a drastic drop of 92.16% year-on-year [1]. - The gross margin improved to 44.42%, an increase of 10.59% year-on-year, while the net margin fell to 5.35%, down 59.03% [1]. Expense Analysis - The total of financial, sales, and management expenses reached 36.92 million yuan, accounting for 28.13% of total revenue, which is an increase of 57.28% year-on-year [1]. - The per-share operating cash flow was -0.14 yuan, a significant decrease of 509.1% year-on-year [1]. Asset and Liability Overview - Cash and cash equivalents decreased by 30.41% to 438 million yuan [1]. - Interest-bearing liabilities surged by 329.77% to 45.47 million yuan [1]. - Accounts receivable decreased by 18.68% to 43.88 million yuan [1]. Return on Investment and Business Model - The company's return on invested capital (ROIC) for the previous year was 2.68%, indicating weak capital returns [3]. - The historical median ROIC since the company went public is 10.49%, suggesting better investment returns in the past [3]. - The business model relies heavily on capital expenditures, necessitating careful evaluation of the effectiveness of these investments [3]. Cash Flow and Receivables - The average operating cash flow over the past three years is only 0.92% of current liabilities, indicating potential liquidity issues [3]. - Accounts receivable have reached 111.7% of profits, raising concerns about collection efficiency [3]. Future Expectations - Analysts project that the company's performance for 2025 will yield a net profit of 71 million yuan, with an average earnings per share of 0.58 yuan [3].