supor(SZ:002032) Zheng Quan Zhi Xing·2025-08-29 22:41Core Insights - Supor (002032) reported a total revenue of 11.478 billion yuan for the first half of 2025, a year-on-year increase of 4.68%, while the net profit attributable to shareholders was 940 million yuan, a slight decrease of 0.07% [1] - The company's gross margin was 23.61%, down 0.72% year-on-year, and the net margin was 8.17%, down 4.72% year-on-year [1] - The accounts receivable reached 32.63 billion yuan, which is 145.39% of the net profit, indicating a significant amount of receivables relative to profit [1][3] Financial Performance - Total revenue for Q2 2025 was 5.691 billion yuan, up 1.87% year-on-year, while net profit for the same period was 443 million yuan, down 5.94% year-on-year [1] - The total of selling, administrative, and financial expenses was 1.337 billion yuan, accounting for 11.65% of revenue, an increase of 5.73% year-on-year [1] - The company's return on invested capital (ROIC) was 32.4% last year, indicating strong capital returns, although the net margin was relatively low at 10.01% [1][3] Cash Flow and Debt - The cash flow situation is concerning, with cash and cash equivalents to current liabilities ratio at 73.13% [3] - Interest-bearing liabilities increased significantly to 574 million yuan, a rise of 131.91% year-on-year [1] Market Position and Fund Holdings - The company is primarily driven by marketing strategies, which require careful analysis of the underlying factors [2] - The most significant fund holding Supor is the Zhongtai Xingyuan Flexible Allocation Mixed A fund, which has reduced its holdings [4] - Analyst expectations for 2025 project earnings of 2.295 billion yuan, with an average earnings per share of 2.86 yuan [3]