国机精工2025年中报简析：增收不增利，应收账款上升

Financial Performance - Company reported total revenue of 1.608 billion yuan for the first half of 2025, an increase of 25.14% year-on-year [1] - Net profit attributable to shareholders was 174 million yuan, a decrease of 1.69% year-on-year [1] - In Q2 2025, total revenue reached 905 million yuan, up 39.53% year-on-year, while net profit was 85.9919 million yuan, down 6.48% year-on-year [1] Key Financial Metrics - Gross margin decreased to 33.78%, down 11.1% year-on-year [1] - Net margin fell to 12.29%, a decline of 14.79% year-on-year [1] - Total operating expenses (selling, administrative, and financial) amounted to 208 million yuan, accounting for 12.91% of revenue, an increase of 0.96% year-on-year [1] - Earnings per share remained at 0.33 yuan, a decrease of 1.7% year-on-year [1] - Cash flow per share was -1.01 yuan, a significant decrease of 574.68% year-on-year [1] Accounts Receivable and Debt - Accounts receivable increased by 37.56% year-on-year, reaching 1.658 billion yuan [1] - Interest-bearing debt rose to 927 million yuan, an increase of 14.74% year-on-year [1] Business Model and Return on Investment - Company’s return on invested capital (ROIC) was 7.08%, indicating average capital returns [3] - Historical median ROIC over the past decade was 3.39%, suggesting weak investment returns [3] - Company relies heavily on research and development for its business performance [3] Product Performance - Superhard materials grinding tools are a major source of profit, with revenue around 580 million yuan in 2024 [4] - The product's applications span semiconductor and non-semiconductor fields, with significant growth in the semiconductor sector [5]