英方软件2025年中报简析：营收上升亏损收窄，公司应收账款体量较大

Financial Performance - The company reported total revenue of 84.35 million yuan for the first half of 2025, a year-on-year increase of 0.93% [1] - The net profit attributable to shareholders was -9.53 million yuan, showing a significant improvement of 55.35% compared to the previous year [1] - In Q2 2025, total revenue reached 51.54 million yuan, up 4.89% year-on-year, while net profit attributable to shareholders was 2.75 million yuan, an increase of 130.06% [1] Key Financial Ratios - The gross margin for the company was 84.8%, a decrease of 3.1% year-on-year, while the net margin improved to -11.29%, an increase of 55.76% [1] - The total of selling, administrative, and financial expenses was 39.65 million yuan, accounting for 47.01% of revenue, down 19.38% year-on-year [1] - The company’s earnings per share improved to -0.12 yuan, a 53.85% increase compared to the previous year [1] Balance Sheet Highlights - Cash and cash equivalents increased significantly to 493 million yuan, a rise of 78.87% year-on-year [1] - Accounts receivable stood at 223 million yuan, up 5.07% from the previous year, with accounts receivable representing 116.88% of total revenue [1] - Interest-bearing debt decreased to 1.62 million yuan, down 30.51% year-on-year [1] Investment Insights - The company has a median ROIC of 9.46% since its listing, indicating relatively good investment returns despite some years of poor performance [3] - The company has faced challenges with its business model, having recorded two years of losses since its IPO [3] - The cash flow situation is a concern, with the average operating cash flow over the past three years being negative [3] Fund Holdings - The largest fund holding the company’s shares is Guoxin Guozheng New Star A, with 90,000 shares held, while Huaxia Stable Growth Mixed A has recently entered the top ten holdings with 2,000 shares [4] - The Guoxin Guozheng New Star A fund has a current scale of 137 million yuan and has seen a 102.7% increase over the past year [4]