迈拓股份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

Financial Performance - The company reported a total revenue of 167 million yuan for the first half of 2025, an increase of 11.73% year-on-year [1] - The net profit attributable to shareholders reached 35.4 million yuan, up 10.8% compared to the previous year [1] - The gross profit margin was 48.23%, a decrease of 5.37% year-on-year, while the net profit margin was 21.18%, down 0.83% [1] - The company’s accounts receivable amounted to 362 million yuan, representing 456.86% of the net profit, indicating a significant level of receivables [1][3] Business Model and Market Position - The company operates primarily in the smart water metering and smart heat metering sectors, with a wide range of products used in urban water supply and energy management [4] - The company has a strong competitive advantage in the ultrasonic water meter market due to its early entry and extensive application experience [4] - The core technologies and components are developed in-house, providing cost advantages and enhancing product quality [5] Marketing and Sales Strategy - The company is actively expanding its marketing strategy by recruiting high-end technical talent and increasing the sales team’s capabilities [7] - A "triangular" sales model combining sales, technology, and after-sales service is being implemented to enhance market penetration [7] International Expansion - The company is making efforts to penetrate overseas markets, having obtained various certifications such as EU MID and CE, which are crucial for international sales [6] - Although the sales cycle for international markets is lengthy due to customization and testing requirements, initial results show promise [6] Technological Development - The company has developed a comprehensive smart water management platform that integrates various operational modules to support decision-making for clients [8] - This platform addresses issues such as data silos and provides critical operational metrics, enhancing overall service delivery [8]