东软集团2025年中报简析：增收不增利，公司应收账款体量较大

Financial Performance - The company reported total revenue of 4.689 billion yuan for the first half of 2025, an increase of 9.08% year-on-year [1] - The net profit attributable to shareholders was 56.27 million yuan, a decrease of 42.75% compared to the previous year [1] - In Q2 2025, total revenue reached 2.84 billion yuan, up 15.02% year-on-year, while net profit attributable to shareholders was 68.36 million yuan, down 26.52% [1] - The gross margin was 26.53%, a decline of 12.65% year-on-year, and the net margin was 1.2%, down 44.75% [1] Financial Ratios - The company's accounts receivable reached 1.955 billion yuan, representing a 14.93% increase year-on-year, with accounts receivable to net profit ratio at 3100.44% [1][2] - The total of selling, administrative, and financial expenses was 597 million yuan, accounting for 12.73% of revenue, a decrease of 15.96% year-on-year [1] - The return on invested capital (ROIC) for the previous year was 0.64%, indicating weak capital returns [1] Cash Flow and Assets - The company reported cash flow from operations of -31 million yuan per share, a decrease of 105.18% year-on-year [1] - The cash and cash equivalents were 1.927 billion yuan, down 4.21% from the previous year [1] - The company's net asset value per share was 7.81 yuan, an increase of 1.74% year-on-year [1] Investment Insights - The company relies heavily on research and marketing for its business performance, which requires further investigation into the underlying drivers [2] - The cash flow situation is concerning, with cash and cash equivalents to current liabilities at only 34.02% [2]