安克创新2025年中报简析：营收净利润同比双双增长，公司应收账款体量较大

Core Insights - Anker Innovation (300866) reported a total revenue of 12.867 billion yuan for the first half of 2025, representing a year-on-year increase of 33.36% [1] - The net profit attributable to shareholders reached 1.167 billion yuan, up 33.8% year-on-year [1] - The company’s accounts receivable accounted for 86.34% of the latest annual net profit, indicating a significant receivables burden [2] Financial Performance - Total revenue for Q2 2025 was 6.873 billion yuan, a 30.41% increase year-on-year [1] - Q2 net profit attributable to shareholders was 671 million yuan, reflecting a 19.54% year-on-year growth [1] - Gross margin stood at 44.73%, a decrease of 0.99% compared to the previous year [1] - Net margin was 9.06%, down 3.35% year-on-year [1] - Total operating expenses (selling, administrative, and financial) amounted to 3.257 billion yuan, accounting for 25.31% of revenue, a decrease of 2.39% year-on-year [1] Key Ratios and Metrics - Earnings per share (EPS) increased to 2.20 yuan, a rise of 33.04% year-on-year [1] - The company’s return on invested capital (ROIC) was 21.93%, indicating strong capital returns [2] - The company’s historical median ROIC since its listing is 35.49%, suggesting a solid investment return track record [1][2] Fund Holdings - The largest fund holding Anker Innovation is the Jiao Yin New Vitality Flexible Allocation Mixed Fund, which reduced its holdings to 3.1851 million shares [3] - Other funds, such as Nord Value Advantage Mixed Fund and Postal Technology Innovation Selected Mixed Fund, have newly entered the top ten holdings [3] - The Jiao Yin fund has a current scale of 5.362 billion yuan, with a recent net value increase of 1.05% [3]