扬州金泉2025年中报简析：增收不增利，公司应收账款体量较大

Core Insights - The company reported a total revenue of 496 million yuan for the first half of 2025, representing a year-on-year increase of 13.42%, while the net profit attributable to shareholders decreased by 28.85% to 65.62 million yuan [1] - The second quarter of 2025 saw a total revenue of 257 million yuan, up 18.05% year-on-year, but the net profit attributable to shareholders fell by 30.42% to 34.89 million yuan [1] - The company's accounts receivable is notably high, with accounts receivable accounting for 93.67% of the latest annual net profit [2] Financial Performance - Total revenue for 2024 was 437 million yuan, compared to 496 million yuan in 2025, showing a growth of 13.42% [1] - Net profit attributable to shareholders decreased from 92.23 million yuan in 2024 to 65.62 million yuan in 2025, a decline of 28.85% [1] - The gross profit margin fell from 29.08% in 2024 to 24.25% in 2025, a decrease of 16.60% [1] - The net profit margin also decreased from 23.09% in 2024 to 14.60% in 2025, down 36.77% [1] - Total expenses (selling, administrative, and financial) increased significantly to 38.57 million yuan, accounting for 7.78% of revenue, a rise of 475.58% [1] Cash Flow and Assets - The company reported cash and cash equivalents of 344 million yuan in 2025, down 55.37% from 772 million yuan in 2024 [1] - Accounts receivable increased from 103 million yuan in 2024 to 135 million yuan in 2025, a rise of 30.54% [1] - The company’s return on invested capital (ROIC) was 12.21% last year, with a historical median ROIC of 20.55% since its listing [1]