Aotecar(SZ:002239) Zheng Quan Zhi Xing·2025-08-28 22:59Financial Performance - The company reported a total revenue of 4.001 billion yuan for the first half of 2025, representing a year-on-year increase of 9.94% [1] - The net profit attributable to shareholders was 73.607 million yuan, up 6.55% year-on-year [1] - In Q2 2025, total revenue was 2.09 billion yuan, a 4.73% increase year-on-year, while net profit decreased by 10.03% to 26.906 million yuan [1] - The gross margin was 12.64%, down 1.52% year-on-year, while the net margin increased by 8.85% to 1.83% [1] - Total operating expenses were 265 million yuan, accounting for 6.61% of revenue, a decrease of 11.09% year-on-year [1] Balance Sheet Highlights - Accounts receivable increased to 2.576 billion yuan, a 13.59% rise year-on-year, with accounts receivable to net profit ratio reaching 2435.59% [1][2] - Cash and cash equivalents decreased significantly by 60.69% to 739 million yuan [1] - Interest-bearing liabilities were reduced by 51.10% to 917 million yuan [1] Operational Efficiency - The company's return on invested capital (ROIC) was 1.99%, indicating weak capital returns [1] - The average operating cash flow over the past three years relative to current liabilities was only 10.49% [2] - The company has experienced two years of losses since its IPO, reflecting a fragile business model [1]