禾迈股份2025年中报简析：增收不增利，公司应收账款体量较大

Core Viewpoint - HeMai Co., Ltd. (688032) reported a mixed performance in its 2025 mid-year financial results, with revenue growth but a significant decline in net profit compared to the previous year [1]. Financial Performance - The total revenue for the first half of 2025 reached 1.005 billion yuan, representing a year-on-year increase of 10.78% [1]. - The net profit attributable to shareholders was 16.2716 million yuan, showing a drastic decline of 91.33% year-on-year [1]. - In Q2 2025, total revenue was 669 million yuan, up 16.14% year-on-year, while net profit was 26.6291 million yuan, down 77.87% year-on-year [1]. Key Financial Ratios - Gross margin decreased to 26.86%, down 43.47% year-on-year, while net margin fell to 1.56%, a decline of 92.46% [1]. - The total of selling, administrative, and financial expenses was 132 million yuan, accounting for 13.18% of revenue, a slight decrease of 1.21% year-on-year [1]. - Earnings per share dropped to 0.13 yuan, down 91.45% year-on-year, and operating cash flow per share was -1.03 yuan, a decrease of 178.79% [1]. Accounts Receivable and Debt - The accounts receivable balance was 605 million yuan, which is 175.64% of the net profit, indicating a significant concern regarding cash flow [1][3]. - Interest-bearing debt surged to 1.154 billion yuan, an increase of 652.26% year-on-year [1]. Investment and Return Metrics - The company's return on invested capital (ROIC) was 3.68%, indicating weak capital returns, with a historical median ROIC of 6.24% since its listing [1]. - The company has experienced a poor investment return in the past, with the worst ROIC recorded at -9.88% in 2017 [1]. Market Position and Fund Holdings - The largest fund holding HeMai shares is the FuGuo Shanghai Stock Exchange Science and Technology Innovation Board Comprehensive Price ETF Link A, with a current scale of 320 million yuan [4].