克来机电2025年中报简析：净利润同比下降21.49%，公司应收账款体量较大

Financial Performance - The company reported total revenue of 230 million yuan for the first half of 2025, a year-on-year decrease of 4.36% [1] - The net profit attributable to shareholders was 19.47 million yuan, down 21.49% year-on-year [1] - In Q2 2025, total revenue was 149 million yuan, showing a year-on-year increase of 4.47, while net profit was 10.25 million yuan, a decline of 24.49% year-on-year [1] - The gross margin was 21.9%, a decrease of 9.23% year-on-year, and the net margin was 8.42%, down 17.84% year-on-year [1] - Total selling, administrative, and financial expenses amounted to 18.14 million yuan, accounting for 7.9% of revenue, an increase of 0.45% year-on-year [1] - Earnings per share were 0.07 yuan, a decrease of 22.22% year-on-year [1] Accounts Receivable - The company's accounts receivable were significantly high, with accounts receivable accounting for 275.25% of the latest annual net profit [1][3] Return on Investment - The company's return on invested capital (ROIC) was 5.22% last year, indicating average capital returns [2] - The historical median ROIC since the company went public is 14.1%, suggesting better investment returns in the past [2] - The net profit margin last year was 9.35%, indicating average added value of products or services [2] Debt Servicing Ability - The company has a healthy cash asset position, indicating good debt servicing capability [2] Business Model - The company's performance is primarily driven by research and development, necessitating a thorough examination of the underlying drivers of this growth [2]