蔚蓝生物2025年中报简析：增收不增利，公司应收账款体量较大

Core Viewpoint - The recent financial report of Weilan Bio (603739) shows mixed results, with revenue growth but a decline in net profit, raising concerns about cash flow and accounts receivable management [1][3]. Financial Performance - Total revenue for the first half of 2025 reached 652 million yuan, a year-on-year increase of 7.05% [1]. - Net profit attributable to shareholders was 26.72 million yuan, down 8.98% year-on-year [1]. - In Q2 2025, revenue was 342 million yuan, up 6.06% year-on-year, while net profit for the quarter was 17.14 million yuan, an increase of 3.07% [1]. Profitability Metrics - Gross margin stood at 45.07%, reflecting a slight increase of 0.67% year-on-year [1]. - Net margin decreased to 6.1%, down 12.12% year-on-year [1]. - Earnings per share (EPS) was 0.11 yuan, a decline of 8.33% compared to the previous year [1]. Cash Flow and Debt Management - Operating cash flow per share dropped significantly to 0.04 yuan, a decrease of 80.6% year-on-year [1]. - The ratio of cash and cash equivalents to current liabilities was only 43.42%, indicating potential liquidity issues [3]. - Interest-bearing debt decreased to 638 million yuan, down 20.27% year-on-year [1]. Accounts Receivable Concerns - Accounts receivable increased to 379 million yuan, a rise of 15.63% year-on-year, with accounts receivable to net profit ratio reaching 604.74% [1][3]. - The company’s historical return on invested capital (ROIC) was 4.45%, indicating weak capital returns [3].