英诺特2025年中报简析：净利润同比下降39.36%，三费占比上升明显

Core Insights - The company Innotech (688253) reported a significant decline in revenue and net profit for the first half of 2025, with total revenue of 276 million yuan, down 34.35% year-on-year, and a net profit of 125 million yuan, down 39.36% year-on-year [1] Financial Performance - Total revenue for Q2 2025 was 69.46 million yuan, a decrease of 50.19% year-on-year, while net profit for the same period was 29.78 million yuan, down 50.51% year-on-year [1] - The company's gross margin was 80.4%, a decrease of 1.48% year-on-year, and the net margin was 45.25%, down 7.64% year-on-year [1] - The total of selling, administrative, and financial expenses reached 52.18 million yuan, accounting for 18.88% of total revenue, which is an increase of 47.9% year-on-year [1] - Earnings per share (EPS) decreased to 0.92 yuan, down 39.47% year-on-year, while operating cash flow per share was 0.63 yuan, a decline of 45.74% year-on-year [1] Asset and Liability Management - Cash and cash equivalents decreased to 132.4 million yuan, down 31.56% year-on-year, and accounts receivable dropped significantly to 14.25 million yuan, down 78.23% year-on-year [1] - Interest-bearing liabilities increased to 2.1982 million yuan, up 27.88% year-on-year [1] Historical Performance - The company's return on invested capital (ROIC) for the previous year was 12.53%, indicating strong capital returns, with a historical median ROIC of 16.71% since its listing [3] - The net profit margin for the previous year was 39.73%, reflecting high added value in its products or services [3] - The company's financial health appears robust, with healthy cash assets [3]