新农开发2025年中报简析：净利润同比下降61.47%，应收账款上升

Financial Performance - The company's total revenue for the first half of 2025 was 284 million yuan, a decrease of 22.45% year-on-year [1] - The net profit attributable to shareholders was 18.94 million yuan, down 61.47% year-on-year [1] - In Q2 2025, total revenue was 133 million yuan, a decline of 35.69% year-on-year, with a net profit of -11.29 million yuan, a drop of 412.79% [1] - The gross margin was 22.76%, down 22.45% year-on-year, and the net margin was 6.99%, down 49.38% year-on-year [1] Accounts Receivable and Debt - Accounts receivable increased significantly, with a year-on-year growth of 119.76%, reaching 344.94 million yuan [1] - Interest-bearing liabilities rose to 509 million yuan, an increase of 58.83% year-on-year [1] - The company's cash assets are considered healthy, but the cash flow situation requires attention, with cash assets to current liabilities ratio at 66.04% [3] Return on Investment and Business Model - The company's Return on Invested Capital (ROIC) was 3.83%, indicating weak capital returns [3] - The historical median ROIC over the past decade was 3.84%, with a notably poor performance in 2018 at -11.07% [3] - The business model relies heavily on capital expenditures, necessitating scrutiny of the effectiveness and necessity of these expenditures [3] Profitability Metrics - The company's earnings per share (EPS) was 0.05 yuan, a decrease of 61.54% year-on-year [1] - The average operating cash flow per share was 0.20 yuan, down 8.93% year-on-year [1] - The total of selling, administrative, and financial expenses was 35.82 million yuan, accounting for 12.61% of revenue, an increase of 5.59% year-on-year [1]