昇兴股份2025年中报简析：增收不增利，公司应收账款体量较大

Core Insights - The company reported a total revenue of 3.225 billion yuan for the first half of 2025, reflecting a year-on-year increase of 0.12% [1] - The net profit attributable to shareholders was 147 million yuan, showing a significant decline of 36.93% compared to the previous year [1] - The second quarter revenue reached 1.603 billion yuan, up 3.76% year-on-year, while the net profit for the same period was 54.43 million yuan, down 51.37% [1] Financial Performance - The gross profit margin was 10.34%, a decrease of 29.27% year-on-year, and the net profit margin was 4.6%, down 38.07% [1] - Total selling, administrative, and financial expenses amounted to 154 million yuan, accounting for 4.78% of revenue, which is a slight decrease of 0.1% year-on-year [1] - Earnings per share were 0.15 yuan, reflecting a decline of 36.93% year-on-year, while the net asset value per share increased by 7.25% to 3.54 yuan [1] Cash Flow and Receivables - The operating cash flow per share was 0.43 yuan, showing a significant increase of 90.47% year-on-year [1] - The company's accounts receivable were notably high, with accounts receivable to net profit ratio reaching 389.04% [1][2] - The cash flow situation is concerning, with cash and cash equivalents to current liabilities ratio at 33.31% [2] Return on Investment - The company's return on invested capital (ROIC) for the previous year was 8.41%, indicating average capital returns [2] - The historical median ROIC since the company went public is 7.78%, with the worst year being 2020, where ROIC was only 1.8% [2] - Analysts project the company's performance for 2025 to be around 398 million yuan, with an average earnings per share estimate of 0.41 yuan [2]