佳禾智能2025年中报简析：净利润同比下降38.12%，公司应收账款体量较大

Financial Performance - The company's total revenue for the first half of 2025 was 1.005 billion yuan, a decrease of 10.82% year-on-year [1] - The net profit attributable to shareholders was 25.12 million yuan, down 38.12% year-on-year [1] - In Q2 2025, total revenue was 517 million yuan, a decline of 23.83% year-on-year, and net profit was 9.35 million yuan, down 63.97% year-on-year [1] - The gross margin was 14.07%, a decrease of 10.89% year-on-year, while the net margin was 2.47%, down 30.68% year-on-year [1] - Total expenses (selling, administrative, and financial) amounted to 78.25 million yuan, accounting for 7.79% of revenue, an increase of 24.62% year-on-year [1] - Earnings per share were 0.07 yuan, a decrease of 41.67% year-on-year [1] Accounts Receivable and Cash Flow - The company's accounts receivable was significant, with accounts receivable to net profit ratio reaching 1078% [1][3] - Operating cash flow per share was -0.05 yuan, a decrease of 111.28% year-on-year [1] Business Model and Investment Returns - The company's return on invested capital (ROIC) was 1.82%, indicating weak capital returns [3] - The historical median ROIC since the company went public is 4.86%, suggesting average investment returns [3] - The company's business model relies heavily on research and development [3] Acquisition Progress - The company is in the process of acquiring all shares of Baiya, having signed a conditional acquisition agreement on June 6, 2025, and is currently conducting audits and evaluations [4]