禾川科技2025年中报简析：增收不增利，公司应收账款体量较大

Core Viewpoint - Hechuan Technology (688320) reported a mixed performance in its 2025 mid-year financial results, with revenue growth but a significant decline in net profit compared to the previous year [1] Financial Performance Summary - Total revenue for the first half of 2025 reached 509 million yuan, a year-on-year increase of 5.32% [1] - The net profit attributable to shareholders was -38.16 million yuan, representing a 30.72% decline year-on-year [1] - In Q2 2025, total revenue was 279 million yuan, up 0.55% year-on-year, while net profit attributable to shareholders improved by 20.88% to -11.22 million yuan [1] - The gross margin decreased to 23.32%, down 17.4% year-on-year, and the net margin was -8.46%, a decline of 21.28% [1] - Total receivables accounted for 68.18% of the latest annual revenue, indicating a large receivables balance [1] Cost and Expense Analysis - Total sales, management, and financial expenses amounted to 112 million yuan, which is 21.94% of revenue, an increase of 26.85% year-on-year [1] - The company experienced a 12.53% increase in operating costs, attributed to a decline in sales gross margin [15][16] - Sales expenses rose by 23.06% due to increased demand for sales personnel across nine industry segments [17] - Management expenses increased by 30.32% due to new share-based payments and the establishment of new subsidiaries [17] - Financial expenses surged by 281.06% due to external debt financing and the use of derivative financial instruments [17] Cash Flow and Asset Management - Operating cash flow per share improved significantly to 0.24 yuan, a year-on-year increase of 161.83% [1] - The company reported a 66.62% increase in receivables financing, primarily due to changes in the balance of receivable notes [2] - Other current assets increased by 35.21%, driven by changes in deductible input tax [5] - Long-term equity investments rose by 36.18% due to increased external investments and changes in the earnings of invested companies [6] Investment and Market Position - The company has been supported by notable fund managers, with a significant increase in holdings from various funds [22][24] - The historical return on invested capital (ROIC) has been relatively good, with a median of 12.74% since its listing, despite a poor performance in 2024 [21]