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芯瑞达2025年中报简析:营收净利润同比双双增长,盈利能力上升

Financial Performance - The company reported a total revenue of 491 million yuan for the first half of 2025, an increase of 1.9% year-on-year [1] - The net profit attributable to shareholders reached 66.53 million yuan, reflecting a year-on-year increase of 24.28% [1] - In Q2 2025, the total revenue was 233 million yuan, up 0.29% year-on-year, while the net profit was 20.53 million yuan, an increase of 10.51% [1] - The gross margin improved to 24.38%, with a year-on-year increase of 13.07%, and the net margin rose to 13.47%, up 21.32% year-on-year [1] Key Financial Ratios - The company’s operating expenses, including sales, management, and financial expenses, totaled 24.68 million yuan, accounting for 5.03% of revenue, a decrease of 4.69% year-on-year [1] - Earnings per share (EPS) increased to 0.30 yuan, a rise of 25.0% year-on-year, while the net asset per share reached 6.25 yuan, up 9.6% year-on-year [1] - The operating cash flow per share significantly improved to 0.54 yuan, reflecting a year-on-year increase of 491.38% [1] Asset and Liability Management - The company’s cash assets are reported to be very healthy, indicating strong liquidity [4] - Accounts receivable increased to 406 million yuan, representing a year-on-year growth of 26.78% [1] - The company’s interest-bearing liabilities rose significantly to 6.14 million yuan, an increase of 455.85% year-on-year [1] Return on Investment - The company's return on invested capital (ROIC) was 8.48% last year, indicating average capital returns [3] - The historical median ROIC since the company’s listing is 14.7%, suggesting good investment returns over time [3] - The net profit margin last year was 10.06%, indicating average added value for the company's products or services [3] Recommendations - Attention is advised regarding the accounts receivable situation, which has reached 342.97% of profits [5]