联明股份2025年中报简析：增收不增利，公司应收账款体量较大

Core Insights - The company reported a total revenue of 372 million yuan for the first half of 2025, representing a year-on-year increase of 1.63% [1] - The net profit attributable to shareholders decreased by 7.81% to 35.04 million yuan [1] - The company's accounts receivable is significantly high, with accounts receivable amounting to 374.86% of the net profit [3] Financial Performance - Total revenue for Q2 2025 was 202 million yuan, up 3.06% year-on-year [1] - Q2 net profit attributable to shareholders was 24.49 million yuan, an increase of 1.13% year-on-year [1] - Gross margin decreased to 21.0%, down 7.17% year-on-year [1] - Net margin fell to 8.62%, a decline of 10.54% year-on-year [1] - Total operating expenses (selling, administrative, and financial) amounted to 31.53 million yuan, accounting for 8.47% of revenue, an increase of 5.27% year-on-year [1] Key Ratios - Return on Invested Capital (ROIC) for the previous year was 2.91%, indicating weak capital returns [1] - The median ROIC over the past decade was 8.5%, suggesting average investment returns [1] - The company's cash assets are reported to be very healthy, indicating good liquidity [2]