露笑科技2025年中报简析：净利润同比下降16.68%，公司应收账款体量较大

Core Viewpoint - Luoxiao Technology (002617) reported a decline in both revenue and net profit for the first half of 2025, indicating challenges in its business performance and financial health [1][3]. Financial Performance - The total revenue for the first half of 2025 was 1.752 billion yuan, a decrease of 7.73% compared to the same period in 2024 [1]. - The net profit attributable to shareholders was 150 million yuan, down 16.68% year-on-year [1]. - In Q2 2025, total revenue was 893 million yuan, reflecting a 20.34% decline year-on-year, while net profit for the quarter was 52.22 million yuan, a significant drop of 47.76% [1]. - The gross margin was 22.38%, down 2.04% from the previous year, and the net margin was 8.2%, a decrease of 4.96% [1]. Financial Ratios and Metrics - The company's accounts receivable reached 2.391 billion yuan, an increase of 13.06% year-on-year, with accounts receivable accounting for 926.87% of the net profit [1][3]. - The total expenses (selling, administrative, and financial) amounted to 146 million yuan, representing 8.34% of revenue, a decrease of 3.05% year-on-year [1]. - The earnings per share (EPS) was 0.08 yuan, down 16.21% year-on-year, while the net asset per share increased by 4.46% to 3.27 yuan [1]. Cash Flow and Financial Health - The operating cash flow per share was 0.07 yuan, a significant increase of 128.86% year-on-year [1]. - The company's cash position is concerning, with cash and cash equivalents accounting for only 9.44% of total assets and 68.71% of current liabilities [3]. - Financial expenses have reached 52.01% of the average operating cash flow over the past three years, indicating potential financial strain [3].