协鑫能科2025年中报简析：营收净利润同比双双增长，短期债务压力上升

Financial Performance - Company reported total revenue of 5.422 billion yuan for the first half of 2025, a year-on-year increase of 15.29% [1] - Net profit attributable to shareholders reached 519 million yuan, up 26.42% year-on-year [1] - In Q2 2025, total revenue was 2.489 billion yuan, reflecting an 8.75% increase year-on-year, while net profit was 266 million yuan, a 19.08% increase [1] Key Financial Ratios - Gross margin improved to 26.93%, an increase of 6.2% year-on-year [1] - Net margin rose to 11.24%, up 8.66% year-on-year [1] - Total expenses (selling, administrative, and financial) amounted to 728 million yuan, accounting for 13.42% of revenue, a decrease of 16.73% year-on-year [1] Balance Sheet Insights - Current ratio stands at 0.95, indicating increased short-term debt pressure [1] - Cash and cash equivalents increased to 4.638 billion yuan, a 27.39% rise year-on-year [1] - Interest-bearing liabilities rose to 20.04 billion yuan, a 17.72% increase year-on-year [1] Earnings Per Share and Cash Flow - Earnings per share (EPS) increased to 0.33 yuan, a 29.04% rise year-on-year [1] - Operating cash flow per share remained at 0.56 yuan, a slight decrease of 1.01% year-on-year [1] Investment Returns and Business Model - Company’s return on invested capital (ROIC) was 4.52%, indicating weak capital returns [3] - Historical data shows a median ROIC of 7.37% over the past decade, with three years of losses [3] - Business model heavily relies on capital expenditures, necessitating scrutiny of capital spending projects [3] Debt and Cash Flow Concerns - Cash flow situation is concerning, with cash to current liabilities ratio at 39.02% [3] - Debt situation is critical, with interest-bearing debt ratio at 37.73% and current ratio at 0.95 [3] - Accounts receivable to profit ratio reached 1018.14%, indicating potential liquidity issues [3] Analyst Expectations - Analysts project 2025 earnings to reach 900 million yuan, with an average EPS forecast of 0.55 yuan [3]