Core Viewpoint - Suzhou Tianmai (301626) reported mixed financial results for the first half of 2025, with revenue growth but a decline in net profit, raising concerns about accounts receivable levels and overall profitability [1][2]. Financial Performance - Total revenue for the first half of 2025 reached 508 million yuan, an increase of 11.2% year-on-year [1]. - Net profit attributable to shareholders was 94.45 million yuan, a decrease of 2.14% compared to the previous year [1]. - In Q2 2025, total revenue was 258 million yuan, up 17.1% year-on-year, while net profit was 40.06 million yuan, a slight increase of 0.04% [1]. Key Financial Ratios - Gross margin improved to 41.64%, up 3.13% year-on-year, while net margin decreased to 18.59%, down 11.99% [1]. - The ratio of selling, administrative, and financial expenses to revenue was 11.73%, an increase of 21.81% year-on-year [1]. - Earnings per share (EPS) fell to 0.82 yuan, a decrease of 26.13% year-on-year [1]. Accounts Receivable Concerns - Accounts receivable amounted to 278 million yuan, representing 150.16% of the latest annual net profit, indicating potential liquidity issues [1][2]. Investment Metrics - The company's return on invested capital (ROIC) was 15.77% last year, with a historical median ROIC of 19.59% since its listing [1]. - The company has shown strong capital returns, despite the decline in net profit margins [1]. Fund Holdings - The largest fund holding Suzhou Tianmai is the Vanguard Quantitative Preferred Mixed A, which reduced its position to 18,400 shares [3]. - The fund's recent performance shows a net asset value increase of 2.22% on the previous trading day and a 46.83% increase over the past year [3]. Industry Insights - In the smartphone sector, various cooling products are utilized based on heat source power consumption and structural requirements, with combinations of thermal interface materials and graphite films being common [3].
苏州天脉2025年中报简析：增收不增利，公司应收账款体量较大