宏华数科2025年中报简析：营收净利润同比双双增长，应收账款上升

Financial Performance - The company reported total revenue of 1.038 billion yuan for the first half of 2025, a year-on-year increase of 27.16% [1] - The net profit attributable to shareholders reached 251 million yuan, up 25.15% year-on-year [1] - In Q2 2025, total revenue was 559 million yuan, reflecting a 25.0% increase compared to the same quarter last year [1] - The gross margin was 43.79%, down 4.46% year-on-year, while the net margin slightly increased to 25.47% [1] - The company's accounts receivable rose significantly, with a year-on-year increase of 44.18% [1] Key Financial Ratios - The company's return on invested capital (ROIC) was 12.08% last year, with a historical median ROIC of 25.21% since its listing [3] - The net profit margin for the previous year was 24.17%, indicating high added value in its products or services [3] - The total of selling, administrative, and financial expenses was 98.17 million yuan, accounting for 9.46% of revenue, a decrease of 10.21% year-on-year [1] Debt and Cash Flow - The company reported a significant increase in interest-bearing debt, which rose by 212.59% to 578 million yuan [1] - Cash and cash equivalents amounted to 1.193 billion yuan, reflecting a 5.35% increase year-on-year [1] - The operating cash flow per share was 0.46 yuan, up 20.47% compared to the previous year [1] Market Position and Strategy - The company aims to enhance service capabilities, deepen customer relationships, and optimize supply chain management to strengthen its competitive position in both domestic and international markets [7] - It has established a strong presence in the digital printing sector over 30 years, with advanced technologies in color management and high-capacity data processing [7] - The company is recognized as a national manufacturing champion, indicating a high level of industry expertise and reputation [7] Fund Holdings - The largest fund holding the company’s shares is Yuanxin Yongfeng Youjia Life, with 545,400 shares, reflecting a new entry into the top ten holdings [6] - Other funds have also increased their positions, indicating growing interest in the company [6]