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东箭科技2025年中报简析:净利润同比下降6.7%,盈利能力上升

Financial Performance - The company reported total revenue of 985 million yuan for the first half of 2025, a decrease of 7.03% year-on-year [1] - The net profit attributable to shareholders was 83.86 million yuan, down 6.7% compared to the previous year [1] - In Q2 2025, total revenue was 514 million yuan, reflecting a decline of 5.98% year-on-year, while net profit for the quarter was 34.19 million yuan, a significant drop of 30.42% [1] Profitability Metrics - The gross margin increased slightly to 28.1%, up by 0.14% year-on-year, while the net margin rose to 9.63%, an increase of 4.97% [1] - The total of selling, administrative, and financial expenses was 116 million yuan, accounting for 11.76% of revenue, which is a decrease of 9.29% year-on-year [1] Key Financial Ratios - The company’s return on invested capital (ROIC) was 8.11% last year, indicating average capital returns [2] - The historical median ROIC since the company’s listing is 9.51%, with the worst year being 2022 at 4.06% [2] - The accounts receivable to profit ratio has reached 378.8%, suggesting a need for careful monitoring of accounts receivable [2] Shareholder Metrics - The earnings per share (EPS) was 0.20 yuan, down 6.68% year-on-year, while the operating cash flow per share was 0.23 yuan, a decrease of 8.89% [1] - The net asset value per share was 3.83 yuan, a slight decline of 0.11% year-on-year [1] Business Model Insights - The company’s performance is primarily driven by marketing efforts, necessitating a thorough examination of the underlying factors behind this drive [2]