隆基机械2025年中报简析：净利润同比增长9.82%，公司应收账款体量较大

Core Viewpoint - Longi Machinery (002363) reported mixed financial results for the first half of 2025, with a decline in revenue but an increase in net profit, indicating potential operational challenges and financial resilience [1]. Financial Performance - Total revenue for the first half of 2025 was 1.037 billion yuan, a decrease of 8.62% year-on-year [1]. - Net profit attributable to shareholders was 31.4773 million yuan, an increase of 9.82% year-on-year [1]. - In Q2 2025, total revenue was 512 million yuan, down 14.1% year-on-year, while net profit was 12.6837 million yuan, a decline of 10.3% year-on-year [1]. Profitability Metrics - Gross margin was 9.12%, a decrease of 1.55% year-on-year [1]. - Net margin improved to 2.73%, an increase of 18.0% year-on-year [1]. - Total selling, administrative, and financial expenses amounted to 18.62 million yuan, representing 1.8% of revenue, a decrease of 9.02% year-on-year [1]. Cash Flow and Assets - Cash and cash equivalents increased to 1.065 billion yuan, up 11.76% year-on-year [1]. - Accounts receivable stood at 484 million yuan, a rise of 3.19% year-on-year, with accounts receivable to net profit ratio reaching 1029.82% [1][3]. - Earnings per share were 0.08 yuan, an increase of 14.29% year-on-year, while operating cash flow per share was 0.33 yuan, up 36.45% year-on-year [1]. Debt and Financial Health - Interest-bearing debt decreased to 62.0084 million yuan, down 19.50% year-on-year [1]. - The company's return on invested capital (ROIC) was reported at 1.27%, indicating historically weak capital returns [3]. - The company's cash assets are considered healthy, suggesting a stable financial position despite operational challenges [3].