天玑科技2025年中报简析：增收不增利，公司应收账款体量较大

Financial Performance - The company reported a total revenue of 225 million yuan for the first half of 2025, representing a year-on-year increase of 49.82% [1] - The net profit attributable to shareholders was -34.11 million yuan, a year-on-year decline of 205.48% [1] - In Q2, total revenue was 81.48 million yuan, showing a year-on-year decrease of 8.87% [1] - The net profit for Q2 was -37.36 million yuan, down 158.24% year-on-year [1] Profitability Metrics - The gross margin was 16.98%, a decrease of 35.02% year-on-year [1] - The net margin was -15.18%, down 66.63% compared to the previous year [1] - Total selling, administrative, and financial expenses amounted to 60.76 million yuan, accounting for 27.02% of revenue, a decrease of 24.02% year-on-year [1] Cash Flow and Assets - The company reported a negative operating cash flow of -0.24 yuan per share, although this was an improvement of 24.51% year-on-year [1] - The net asset value per share was 3.98 yuan, reflecting a year-on-year decrease of 6.65% [1] Historical Performance and Investment Returns - The company's historical return on invested capital (ROIC) has been weak, with a median ROIC of 1.61% over the past decade [2] - The worst year for ROIC was 2023, which recorded -5.74% [2] - The company has reported losses in 3 out of 13 annual reports since its listing, indicating a fragile business model [2] Debt and Cash Flow Health - The company has healthy cash assets, but the average operating cash flow over the past three years has been -35.74% relative to current liabilities [2] - Financial expenses have been a concern, with the average net cash flow from operating activities over the past three years also being negative [2] - The accounts receivable situation is notable, as the annual report showed a negative net profit attributable to shareholders [2]