海象新材2025年中报简析：净利润同比增长1099.05%，公司应收账款体量较大

Financial Performance - The company's total revenue for the first half of 2025 was 604 million yuan, a decrease of 12.1% year-on-year [1] - The net profit attributable to shareholders reached 64.95 million yuan, an increase of 1099.05% year-on-year [1] - In Q2 2025, total revenue was 333 million yuan, down 13.72% year-on-year, while net profit attributable to shareholders was 40.27 million yuan, up 823.62% year-on-year [1] - The gross profit margin was 24.94%, a decrease of 4.36% year-on-year, while the net profit margin was 10.76%, an increase of 1264.1% year-on-year [1] - Total operating expenses (selling, administrative, and financial expenses) amounted to 65.53 million yuan, accounting for 10.85% of revenue, a decrease of 18.05% year-on-year [1] Key Financial Ratios - The company's return on invested capital (ROIC) was 3.23% last year, indicating weak capital returns [2] - The historical median ROIC since the company went public is 11.54%, with the worst year being 2023 at 2.93% [1][2] - The company's earnings per share (EPS) was 0.64 yuan, an increase of 1180.0% year-on-year, and the operating cash flow per share was 1.21 yuan, up 81.49% year-on-year [1] Balance Sheet Highlights - Cash and cash equivalents increased to 439 million yuan, a rise of 92.05% year-on-year [1] - Accounts receivable decreased to 277 million yuan, down 17.24% year-on-year, but the accounts receivable to net profit ratio was 553.39% [1][2] - Interest-bearing liabilities decreased to 570 million yuan, a decline of 6.65% year-on-year [1]