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德昌股份2025年中报简析:增收不增利,公司应收账款体量较大

Financial Performance - The company reported a total revenue of 2.068 billion yuan for the first half of 2025, an increase of 11.02% year-on-year [1] - The net profit attributable to shareholders was 111 million yuan, a decrease of 46.54% compared to the previous year [1] - In Q2 2025, the total revenue was 1.067 billion yuan, up 2.82% year-on-year, while the net profit attributable to shareholders dropped by 75.64% to 29.68 million yuan [1] - The gross margin was 14.02%, down 20.8% year-on-year, and the net margin was 5.36%, down 51.85% year-on-year [1] Financial Ratios - The company's return on invested capital (ROIC) for the previous year was 12.32%, indicating strong capital returns [3] - The net profit margin for the previous year was 10.03%, suggesting average added value from products or services [3] - The company's historical median ROIC since listing is 16.22%, with the worst year being 2023 at 9.54% [3] Debt and Cash Flow - The company has a significant amount of accounts receivable, with accounts receivable reaching 300.06% of the latest annual net profit [1][3] - The total interest-bearing debt increased by 113.02% to 687 million yuan [1] - The cash flow situation is a concern, with cash assets only covering 96.94% of current liabilities [3] Shareholder Information - The largest fund holding in the company is the Baoying Core Advantage Mixed A fund, with a scale of 657 million yuan and a recent net value of 0.8435 [4] - The fund has seen a decline of 15.21% over the past year [4]