中辰股份2025年中报简析：增收不增利，公司应收账款体量较大

Core Viewpoint - Zhongchen Co., Ltd. (300933) reported a mixed performance in its 2025 mid-year financial results, with revenue growth but a significant decline in net profit [1] Financial Performance - Total revenue for the first half of 2025 reached 1.482 billion yuan, an increase of 6.98% year-on-year [1] - Net profit attributable to shareholders was 18.09 million yuan, down 43.5% compared to the previous year [1] - In Q2 2025, total revenue was 832 million yuan, reflecting a year-on-year increase of 13.43% [1] - Q2 net profit attributable to shareholders was 3.19 million yuan, a decline of 80.79% year-on-year [1] - Gross margin decreased to 12.23%, down 13.69% year-on-year, while net margin fell to 1.06%, a drop of 55.67% [1] Balance Sheet and Cash Flow - Cash and cash equivalents amounted to 767.1 million yuan, a 4.20% increase year-on-year [1] - Accounts receivable rose to 1.595 billion yuan, up 5.14% year-on-year, with accounts receivable to net profit ratio at 4184.99% [1][3] - The company reported a negative operating cash flow per share of -0.18 yuan, although this was an improvement of 67.82% year-on-year [1] Cost Structure - Total selling, administrative, and financial expenses were 114 million yuan, accounting for 7.66% of revenue, a decrease of 10.25% year-on-year [1] - The company’s return on invested capital (ROIC) was 3.38%, indicating weak capital returns [1][2] Business Model - The company's performance is primarily driven by research and marketing efforts, necessitating a deeper analysis of these underlying drivers [2]