中航重机2025年中报简析：净利润同比下降32.59%，存货明显上升

Core Viewpoint - 中航重机's financial performance for the first half of 2025 shows a decline in revenue and net profit, indicating potential challenges in its business operations [1][3]. Financial Performance - The total revenue for the first half of 2025 was 5.751 billion yuan, a decrease of 4.51% compared to 2024 [1]. - The net profit attributable to shareholders was 492 million yuan, down 32.59% year-on-year [1]. - In Q2 2025, total revenue reached 3.444 billion yuan, reflecting an increase of 11.2% year-on-year, while net profit for the same period was 294 million yuan, a decrease of 27.5% [1]. - The gross margin was 29.27%, down 4.09% year-on-year, and the net margin was 10.42%, down 22.88% [1]. - Total expenses (selling, administrative, and financial) amounted to 479 million yuan, accounting for 8.33% of revenue, an increase of 12.43% [1]. - Earnings per share were 0.31 yuan, a decrease of 36.73% year-on-year [1]. Balance Sheet and Cash Flow - Cash and cash equivalents increased to 4.398 billion yuan, up 10.38% year-on-year [1]. - Accounts receivable rose to 10.298 billion yuan, a 26.65% increase [1]. - Interest-bearing debt increased to 3.948 billion yuan, up 6.80% [1]. - The cash flow per share was -0.43 yuan, a decrease of 7.41% year-on-year [1]. Business Model and Return on Investment - The company's return on invested capital (ROIC) was 4.42%, indicating weak capital returns [3]. - The historical median ROIC over the past decade was 4.6%, with two years of losses since its listing, suggesting a fragile business model [3]. Fund Holdings - The largest fund holding in 中航重机 is 国投瑞银国家安全混合A, with 16.7541 million shares, showing an increase in holdings [5]. - Other funds have maintained or increased their positions, indicating continued interest in the company despite recent performance challenges [5].