明新旭腾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 a total revenue of 603 million yuan for the first half of 2025, representing a year-on-year increase of 29.26% [1] - The net profit attributable to shareholders was -29.39 million yuan, a significant decline of 393.49% compared to the previous year [1] - The gross profit margin decreased to 15.68%, down 43.23% year-on-year, while the net profit margin was -4.88%, a drop of 327.05% [1] - The company’s operating cash flow per share improved to 0.4 yuan, an increase of 146.71% year-on-year [1] Accounts Receivable and Debt - Accounts receivable accounted for 40.32% of the total revenue, indicating a substantial amount of outstanding payments [1] - The company’s interest-bearing liabilities totaled 9.64 billion yuan, a slight decrease of 1.66% from the previous year [1] - The debt-to-asset ratio for interest-bearing liabilities reached 26.64%, highlighting potential concerns regarding financial leverage [4] Cost Structure - Total selling, administrative, and financial expenses amounted to 84.38 million yuan, representing 14.0% of revenue, a decrease of 12.77% year-on-year [1] - The company’s historical return on invested capital (ROIC) has been relatively strong, with a median of 17.77%, although the worst year recorded a ROIC of -4.44% [3] Fund Holdings - The largest fund holding the company’s shares is the Huatai-PineBridge Minying New Power Stock Fund, which reduced its holdings to 498,200 shares [5] - The fund has a current scale of 374 million yuan and has seen a significant increase of 73.21% over the past year [5]