天汽模2025年中报简析：净利润同比下降78.72%，公司应收账款体量较大

Financial Performance - The company's total revenue for the first half of 2025 was 1.016 billion yuan, a decrease of 15.46% year-on-year [1] - The net profit attributable to shareholders was 21.9035 million yuan, down 78.72% year-on-year [1] - In Q2 2025, total revenue was 572 million yuan, a decline of 24.01% year-on-year, with net profit of 119.22 thousand yuan, down 98.49% year-on-year [1] - The gross profit margin was 12.72%, a decrease of 32.09% year-on-year, while the net profit margin was 2.01%, down 75.42% year-on-year [1] - Total operating expenses (selling, administrative, and financial expenses) amounted to 93.8567 million yuan, accounting for 9.24% of revenue, an increase of 6.78% year-on-year [1] Cash Flow and Debt - The company reported cash and cash equivalents of 1.018 billion yuan, an increase of 17.37% year-on-year [1] - The accounts receivable increased by 22.32% year-on-year to 827 million yuan, with accounts receivable to net profit ratio reaching 868.15% [1][6] - The company’s interest-bearing liabilities were 1.618 billion yuan, a slight decrease of 1.27% year-on-year [1] Business Model and Return on Investment - The company's return on invested capital (ROIC) was 3.48%, indicating weak capital returns [3] - The historical median ROIC over the past decade was 3.58%, with a notably poor performance in 2020, where ROIC was -17.73% [3] - The company's business model appears fragile, having reported two years of losses since its IPO [3] Financial Health Indicators - The cash flow situation is concerning, with cash assets only covering 51.91% of current liabilities, and the average operating cash flow over the past three years covering only 3.32% of current liabilities [5] - The interest-bearing debt ratio has reached 25.54%, and the ratio of interest-bearing liabilities to the average operating cash flow over the past three years is 24.73% [5] - Financial expenses accounted for 74.9% of the average operating cash flow over the past three years, indicating potential financial strain [5]