纽威数控2025年中报简析：增收不增利，应收账款上升

Financial Performance - The company reported total revenue of 1.278 billion yuan for the first half of 2025, an increase of 9.99% year-on-year [1] - The net profit attributable to shareholders was 130 million yuan, a decrease of 10.17% year-on-year [1] - In Q2 2025, total revenue reached 709 million yuan, up 15.53% year-on-year, while net profit attributable to shareholders was 68.67 million yuan, down 8.67% year-on-year [1] Key Financial Ratios - Gross margin was 20.26%, down 13.63% year-on-year, and net margin was 10.17%, down 18.33% year-on-year [1] - Total expenses (selling, administrative, and financial) amounted to 74.76 million yuan, accounting for 5.85% of revenue, a decrease of 9.19% year-on-year [1] - Earnings per share (EPS) was 0.28 yuan, a decrease of 10.17% year-on-year, while operating cash flow per share was -0.04 yuan, down 76.29% year-on-year [1] Balance Sheet Highlights - Accounts receivable increased to 382 million yuan, a year-on-year increase of 37.74% [1] - Cash and cash equivalents rose to 227 million yuan, an increase of 67.16% year-on-year [1] - Interest-bearing debt decreased to 380 million yuan, down 18.68% year-on-year [1] Investment Insights - The company's return on invested capital (ROIC) was 16.47% last year, indicating strong capital returns [3] - Historical data shows a median ROIC of 14.21% since the company went public, with the lowest ROIC recorded at 8.55% in 2019 [3] - Analysts expect the company's performance in 2025 to reach 326 million yuan, with an average EPS forecast of 0.71 yuan [3] Fund Holdings - The largest fund holding shares in the company is the Taiping Advanced Manufacturing Mixed Initiation A Fund, which holds 56,000 shares [4] - The fund's current scale is 0.13 billion yuan, with a net value of 1.4151 as of August 28, showing a 1.88% increase from the previous trading day and a 58.33% increase over the past year [4]