诺思格2025年中报简析：营收净利润同比双双增长，应收账款上升

Core Insights - The company, Norsg (301333), reported a slight increase in total revenue and net profit for the first half of 2025, with total revenue reaching 380 million yuan, up 0.18% year-on-year, and net profit at 61.12 million yuan, up 4.45% year-on-year [1] Financial Performance - Total revenue for Q2 2025 was 207 million yuan, reflecting a year-on-year increase of 2.56% - Q2 net profit was 35.04 million yuan, showing a year-on-year decline of 1.18% [1] - The gross profit margin decreased to 37.33%, down 6.86% year-on-year, while the net profit margin improved to 16.21%, up 3.03% year-on-year [1] - Total operating expenses (sales, management, and financial expenses) amounted to 46.37 million yuan, accounting for 12.21% of revenue, a decrease of 21.88% year-on-year [1] Balance Sheet Highlights - Cash and cash equivalents increased significantly to 890 million yuan, up 74.04% year-on-year - Accounts receivable rose to 145 million yuan, with a year-on-year increase of 38.99% [1] - Interest-bearing liabilities decreased to 62.03 million yuan, down 25.18% year-on-year [1] Earnings Metrics - Earnings per share (EPS) increased to 0.64 yuan, up 4.92% year-on-year - Operating cash flow per share decreased to 0.37 yuan, down 41.92% year-on-year [1] - Book value per share rose to 19.55 yuan, an increase of 4.04% year-on-year [1] Investment Returns - The company's return on invested capital (ROIC) for the previous year was 7.34%, indicating average capital returns - Historical data shows a median ROIC of 27.19% since the company went public, suggesting good investment returns overall [3] Debt Servicing Capability - The company's cash assets are reported to be very healthy, indicating strong debt servicing capability [3]