Core Insights - The company Jiusheng Electric (301082) reported a total revenue of 1.205 billion yuan for the first half of 2025, representing a year-on-year increase of 35.95%, while the net profit attributable to shareholders decreased by 28.18% to 11.155 million yuan [1] - The second quarter of 2025 showed a total revenue of 734 million yuan, up 44.9% year-on-year, with a net profit of 17.774 million yuan, an increase of 94.52% compared to the same period last year [1] - The company's accounts receivable reached 2.137 billion yuan, accounting for 111.82% of the total revenue, indicating a significant amount of outstanding payments [1] Financial Performance - Total revenue for 2024 was 886 million yuan, while it increased to 1.205 billion yuan in 2025, marking a growth of 35.95% [1] - The net profit for 2024 was 15.5321 million yuan, which fell to 11.1549 million yuan in 2025, a decline of 28.18% [1] - The gross profit margin decreased from 13.17% in 2024 to 11.71% in 2025, a drop of 11.14% [1] - The net profit margin also saw a significant decline from 1.75% to 0.93%, down 47.17% [1] - The total of selling, administrative, and financial expenses was 76.8102 million yuan, accounting for 6.37% of revenue, which is an 8.5% decrease year-on-year [1] Cash Flow and Debt Analysis - The company reported a negative operating cash flow per share of -0.42 yuan, a drastic decline of 909.61% compared to the previous year [1] - The cash and cash equivalents decreased by 7.03% from 323 million yuan to 300 million yuan [1] - The interest-bearing debt increased by 43.23% from 1.13 billion yuan to 1.618 billion yuan, raising concerns about the company's debt levels [1][2] Investment Returns - The company's return on invested capital (ROIC) was 0.14% last year, indicating weak capital returns [1] - The historical median ROIC since the company went public is 7.03%, suggesting average investment returns [1] - The company has reported a negative net profit margin of -1.86% when considering all costs, indicating low added value from its products or services [1]
久盛电气2025年中报简析：增收不增利，公司应收账款体量较大