金科环境2025年中报简析：增收不增利，公司应收账款体量较大

Core Insights - The company, Jinko Environment (688466), reported a total revenue of 277 million yuan for the first half of 2025, representing a year-on-year increase of 13.16%, while the net profit attributable to shareholders decreased by 3.17% to 30.57 million yuan [1] - The second quarter of 2025 saw a total revenue of 147 million yuan, up 9.85% year-on-year, but the net profit attributable to shareholders fell by 16.94% to 19.01 million yuan [1] - The company's accounts receivable is notably high, with accounts receivable accounting for 672.76% of the latest annual net profit [2] Financial Performance - Total revenue for 2024 was 245 million yuan, compared to 277 million yuan in 2025, showing a growth of 13.16% [1] - Net profit attributable to shareholders decreased from 31.57 million yuan in 2024 to 30.57 million yuan in 2025, a decline of 3.17% [1] - Gross margin decreased to 30.54% in 2025 from 38.74% in 2024, a drop of 21.17% [1] - Net margin also fell from 14.79% in 2024 to 10.35% in 2025, a decrease of 30.01% [1] - Total operating expenses (selling, administrative, and financial expenses) amounted to 50.26 million yuan, accounting for 18.15% of revenue, down 5.86% year-on-year [1] Cash Flow and Debt - The company reported a negative operating cash flow per share of -0.26 yuan in 2025, a significant decline of 409.56% from 0.08 yuan in 2024 [1] - The company’s interest-bearing debt was 450 million yuan in 2025, a slight increase of 0.21% from 449 million yuan in 2024 [1] - The interest-bearing asset-liability ratio reached 20.21%, indicating a need for attention to the company's debt situation [2] Operational Insights - The company's return on invested capital (ROIC) was 5.08% last year, indicating average capital returns [1] - The historical median ROIC since the company went public is 10%, suggesting that investment returns have been generally favorable [1] - The company has received recognition for its data services, particularly in the context of RW (Risk Weighted Assets), highlighting its advantages in data integrity and depth [2][3]