赛腾股份2025年中报简析：净利润同比下降20.5%，公司应收账款体量较大

Financial Performance - The company reported total revenue of 1.373 billion yuan for the first half of 2025, a decrease of 15.81% year-on-year [1] - The net profit attributable to shareholders was 123 million yuan, down 20.5% compared to the previous year [1] - In Q2 2025, total revenue was 643 million yuan, reflecting a decline of 24.96% year-on-year, while net profit for the quarter was 54.15 million yuan, down 9.23% [1] - The gross margin was 44.48%, a decrease of 1.12% year-on-year, while the net margin increased by 4.03% to 10.37% [1] - Total operating expenses (selling, administrative, and financial expenses) amounted to 283 million yuan, accounting for 20.59% of revenue, a decrease of 4.21% year-on-year [1] Balance Sheet and Cash Flow - The company’s accounts receivable increased by 21.82% year-on-year to 1.405 billion yuan, which is 253.49% of the net profit [1][4] - Cash and cash equivalents rose by 19.39% to 565 million yuan [1] - The company’s interest-bearing debt increased by 14.82% to 849.17 million yuan [1] - The cash flow per share was 0.96 yuan, a significant increase of 152.86% year-on-year [1] Business Model and Return on Investment - The company achieved a Return on Invested Capital (ROIC) of 17.04% last year, indicating strong capital returns [3] - The historical median ROIC since the company’s listing is 14.93%, suggesting good investment returns [3] - The company’s performance is primarily driven by marketing efforts, which require further analysis to understand the underlying factors [3]