森赫股份2025年中报简析：净利润同比下降40.04%，公司应收账款体量较大

Financial Performance - The company reported total revenue of 243 million yuan for the first half of 2025, a decrease of 36.17% year-on-year [1] - The net profit attributable to shareholders was 35.54 million yuan, down 40.04% compared to the previous year [1] - The gross profit margin was 33.05%, showing a slight increase of 0.28% year-on-year, while the net profit margin decreased by 6.07% to 14.61% [1] - The total of selling, administrative, and financial expenses was 29.89 million yuan, accounting for 12.29% of revenue, an increase of 4.9% year-on-year [1] - Earnings per share fell to 0.13 yuan, a decrease of 40.91% year-on-year [1] Accounts Receivable - The company's accounts receivable reached a significant level, with accounts receivable accounting for 100.37% of the latest annual net profit [1][3] - The accounts receivable decreased by 35.89% year-on-year to 97.21 million yuan [1] Cash Flow and Assets - The company reported cash and cash equivalents of 231 million yuan, a decrease of 50.81% year-on-year [1] - Operating cash flow per share remained stable at 0.07 yuan, reflecting a year-on-year increase of 7.6% [1] Investment and Returns - The company's return on invested capital (ROIC) was 8.76%, indicating average capital returns [2] - Historical data shows a median ROIC of 10.18% since the company went public, with the lowest ROIC recorded at 4.17% in 2022 [1] Fund Holdings - The largest fund holding in the company is the ICBC Joy Mixed A Fund, which holds 32,500 shares and has recently entered the top ten holdings [4]