纵横通信2025年中报简析：净利润同比增长45.81%，三费占比上升明显

Financial Performance - The company reported total revenue of 797 million yuan for the first half of 2025, a decrease of 12.12% year-on-year [1] - The net profit attributable to shareholders was 11.74 million yuan, an increase of 45.81% year-on-year [1] - The gross margin improved to 17.04%, up 22.2% year-on-year, while the net margin decreased to 1.62%, down 32.3% year-on-year [1] - Total expenses (selling, administrative, and financial) accounted for 11.98% of total revenue, an increase of 82.83% year-on-year [1] Cash Flow and Debt Situation - The company’s cash flow situation is concerning, with cash and cash equivalents at 217 million yuan, representing only 26.68% of current liabilities [2] - The company has a high level of receivables, with accounts receivable amounting to 952 million yuan, which is 5046.65% of profit [2] - The company’s interest-bearing debt increased to 719 million yuan, a rise of 22.5% year-on-year [1] Business Model and Strategy - The company relies heavily on research and development and marketing for its performance [2] - The focus is on developing flight control systems and low-altitude traffic infrastructure, as well as autonomous drone inspection services to ensure sustainable team development [3]