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凡拓数创2025年中报简析:营收上升亏损收窄,公司应收账款体量较大

Core Viewpoint - The recent financial report of Fantuo Shuchuang (301313) shows significant revenue growth but also highlights concerns regarding net profit and cash flow management [1][2]. Financial Performance - The total revenue for the reporting period reached 320 million yuan, representing a year-on-year increase of 53.79% [1]. - The net profit attributable to the parent company was -46.86 million yuan, showing a year-on-year improvement of 33.07% [1]. - In Q2, total revenue was 186 million yuan, up 41.35% year-on-year, while the net profit attributable to the parent company was -24.24 million yuan, an increase of 27.49% year-on-year [1]. Profitability Metrics - The gross margin was 26.62%, down 11.83% year-on-year, while the net margin was -14.66%, an increase of 56.98% year-on-year [1]. - The total of selling, administrative, and financial expenses was 94.84 million yuan, accounting for 29.68% of revenue, a decrease of 31.92% year-on-year [1]. - Earnings per share were -0.45 yuan, reflecting a year-on-year increase of 32.84% [1]. Accounts Receivable and Cash Flow - The accounts receivable were substantial, with the ratio of accounts receivable to total revenue at 92.41% [1]. - The cash flow per share was 0.03 yuan, showing a significant year-on-year increase of 103.19% [1]. Historical Performance and Investment Return - The historical median Return on Invested Capital (ROIC) since the company went public is 8.18%, with the worst year being 2024, which recorded a ROIC of -19.26% [2]. - The company has reported a net margin of -51.72% in the previous year, indicating low added value in its products or services [2]. Financial Health Indicators - The cash flow situation is concerning, with a cash and cash equivalents to current liabilities ratio of only 65.74% [3]. - The average net cash flow from operating activities over the past three years has been negative, raising red flags about financial sustainability [3].