勤上股份2025年中报简析：增收不增利，公司应收账款体量较大

Financial Performance - The company reported a total revenue of 263 million yuan for the first half of 2025, an increase of 18.8% year-on-year [1] - The net profit attributable to shareholders was -28.12 million yuan, a decline of 24.8% compared to the previous year [1] - The gross profit margin improved to 17.22%, reflecting a year-on-year increase of 32.33% [1] - The net profit margin was -10.68%, which is a slight decrease of 5.04% year-on-year [1] - The total of selling, administrative, and financial expenses reached 54.88 million yuan, accounting for 20.84% of revenue, an increase of 21.01% year-on-year [1] Cash Flow and Assets - The company reported operating cash flow per share of 0.01 yuan, a significant increase of 120.27% year-on-year [1] - The cash and cash equivalents decreased to 224 million yuan, down 25.28% from the previous year [1] - The net asset value per share was 1.54 yuan, a decrease of 11.41% year-on-year [1] Receivables and Debt - Accounts receivable amounted to 281 million yuan, representing 74.35% of the latest annual revenue [1] - Interest-bearing liabilities increased to 11.67 million yuan, an increase of 11.22% year-on-year [1] Historical Performance - The company has a median ROIC of -5.75% over the past decade, indicating poor investment returns [3] - The company has reported losses in 6 out of 13 annual reports since its listing, suggesting a history of financial instability [3]