云路股份2025年中报简析：营收净利润同比双双增长，应收账款上升

Core Insights - Yunlu Co., Ltd. (688190) reported a total revenue of 986 million yuan for the first half of 2025, representing an 8.28% year-on-year increase, while the net profit attributable to shareholders was 169 million yuan, up 1.51% year-on-year [1] - The second quarter of 2025 saw a total revenue of 565 million yuan, marking a 20.72% increase year-on-year, but the net profit for the same period decreased by 0.83% to 90.58 million yuan [1] - The company's accounts receivable increased significantly, with a year-on-year growth of 43.64%, reaching 740 million yuan [1] Financial Performance - Gross margin for the first half of 2025 was 29.33%, down 3.05% from the previous year, while the net margin decreased by 6.25% to 17.19% [1] - Total operating expenses (sales, management, and financial expenses) amounted to 37.19 million yuan, which is 3.77% of revenue, reflecting an 11.16% decrease year-on-year [1] - Earnings per share (EPS) increased by 1.44% to 1.41 yuan, while operating cash flow per share turned negative at -0.29 yuan, a significant decline of 121.17% year-on-year [1] Investment Metrics - The company's return on invested capital (ROIC) was 14.85% last year, indicating strong capital returns, with a historical median ROIC of 15.17% since its listing [3] - The cash flow situation is a point of concern, with cash and cash equivalents covering only 79.94% of current liabilities [3] - Accounts receivable have reached 205.01% of profit, suggesting potential liquidity issues [3] Fund Holdings - The largest fund holding Yunlu Co., Ltd. is the Invesco Great Wall New Energy Industry Stock A, which has recently increased its position [4] - Other funds that have newly entered the top ten holdings include Huaxia Core Growth Mixed A and Huaxia Energy Saving and Environmental Protection Stock A [4] - The fund managed by Yang Ruiwen, who has a strong track record in stock selection, has a total scale of 23.7 billion yuan and has seen a significant increase in value over the past year [4]