新开普2025年中报简析：净利润同比下降61.31%，公司应收账款体量较大

Financial Performance - The company's total revenue for the first half of 2025 was 314 million yuan, a year-on-year decrease of 7.16% [1] - The net profit attributable to shareholders was -31.17 million yuan, a year-on-year decline of 61.31% [1] - In Q2 2025, the revenue was 176 million yuan, showing a slight increase of 1.32% year-on-year, while the net profit was 3.20 million yuan, down 5.31% year-on-year [1] - The gross margin was 54.1%, a decrease of 3.85% year-on-year, and the net margin was -11.77%, down 50.68% year-on-year [1] - Total operating expenses (selling, administrative, and financial) amounted to 158 million yuan, accounting for 50.1% of revenue, a decrease of 0.96% year-on-year [1] - Earnings per share were -0.07 yuan, a decline of 61.08% year-on-year [1] Accounts Receivable - The company's accounts receivable were significantly high, with accounts receivable to net profit ratio reaching 592.13% [1][2] Return on Investment - The company's return on invested capital (ROIC) for the previous year was 4.29%, indicating historically weak capital returns [2] - The median ROIC over the past decade was 8.21%, with the lowest ROIC recorded in 2023 at 3.64% [2] Business Segments - The company categorizes its revenue into four segments: Smart Campus Application Solutions (523.42 million yuan), Smart Campus Cloud Platform Solutions (121.71 million yuan), Smart Government and Enterprise Application Solutions (148.41 million yuan), and Operation and Maintenance Services (190.67 million yuan) [4] Fund Holdings - The largest fund holding the company’s shares is Bosera Global China Education (QDII-ETF), with a scale of 512 million yuan and a recent net value of 0.5656, showing a 36.98% increase over the past year [3]