天普股份2025年中报简析：净利润同比下降16.08%，公司应收账款体量较大

Core Viewpoint - The financial performance of Tianpu Co., Ltd. (605255) for the first half of 2025 shows a decline in revenue and net profit compared to the previous year, indicating potential challenges in operational efficiency and profitability [1][3]. Financial Performance Summary - Total revenue for the first half of 2025 was 151 million yuan, a decrease of 3.44% year-on-year [1]. - Net profit attributable to shareholders was 11.298 million yuan, down 16.08% year-on-year [1]. - In Q2 2025, total revenue reached 69.8115 million yuan, reflecting a year-on-year increase of 4.5, while net profit for the same quarter was 2.5727 million yuan, a decline of 31.1% [1]. - The gross profit margin was 34.68%, a decrease of 1.81% year-on-year, and the net profit margin was 7.48%, down 13.1% year-on-year [1]. - Total operating expenses (selling, administrative, and financial expenses) amounted to 24.7292 million yuan, accounting for 16.38% of revenue, an increase of 6.14% year-on-year [1]. - Earnings per share were 0.08 yuan, a decrease of 20.0% year-on-year, while operating cash flow per share increased significantly to 0.22 yuan, up 623.18% year-on-year [1]. Asset and Liability Overview - Accounts receivable stood at 78.6107 million yuan, a decrease of 19.85% year-on-year, but still represented 237.74% of the net profit, indicating a significant amount of receivables relative to profit [1][3]. - Monetary funds increased to 132 million yuan, reflecting a substantial growth of 148.44% year-on-year [1]. - Interest-bearing liabilities rose to 743,500 yuan, an increase of 9.41% year-on-year [1]. Return on Investment Analysis - The company's return on invested capital (ROIC) for the previous year was 3.9%, indicating weak capital returns [3]. - The historical median ROIC since the company’s listing is 8.43%, suggesting better investment returns in the past [3]. - The net profit margin for the previous year was 9.66%, indicating average added value from products or services [3].