汉缆股份2025年中报简析：增收不增利，公司应收账款体量较大

Financial Performance - The company reported a total revenue of 4.589 billion yuan for the first half of 2025, representing a year-on-year increase of 5.93% [1] - The net profit attributable to shareholders was 288 million yuan, showing a decline of 24.61% compared to the previous year [1] - In Q2 2025, the total revenue reached 2.759 billion yuan, up 8.33% year-on-year, while the net profit attributable to shareholders was 145 million yuan, down 19.85% [1] Profitability Metrics - The gross margin decreased to 13.2%, down 27.06% year-on-year, and the net margin fell to 6.2%, a decline of 28.01% [1] - The company's earnings per share (EPS) was 0.09 yuan, down 24.63% year-on-year [1] Financial Ratios - The company's return on invested capital (ROIC) was 6.97%, indicating average capital returns [3] - The net profit margin for the previous year was 6.93%, suggesting average added value for products or services [3] - The debt ratio for interest-bearing liabilities reached 23.42%, indicating a significant level of debt [3] Cash Flow and Receivables - The company reported a negative operating cash flow of -0.16 yuan per share, a decrease of 21.45% year-on-year [1] - Accounts receivable accounted for 583.76% of the net profit, indicating a high level of receivables relative to profit [1][3] - The cash assets to current liabilities ratio was 73.93%, suggesting a need for attention to cash flow management [3]