北方导航业绩“狂飙”：半年营收增4倍

Core Viewpoint - Northern Navigation (600435.SH) reported explosive growth in its performance for the first half of 2025, achieving record highs in revenue and profit [2]. Financial Performance - The company achieved an operating revenue of 1.703 billion yuan, a year-on-year increase of 481.19% [2]. - The net profit attributable to shareholders turned from a loss in the same period last year to a profit of 116 million yuan, with a growth rate of 256.59% [2]. - In Q2 alone, total operating revenue reached 1.351 billion yuan, up 530.21% year-on-year, accounting for 79.33% of the first half's revenue [2]. - The net profit attributable to shareholders for Q2 was 133 million yuan, a year-on-year increase of 643.67%, significantly contributing to the half-year profit [2]. Key Growth Drivers - The substantial increase in performance is primarily driven by the concentrated delivery of guided series products as part of the "14th Five-Year Plan" [2]. - Profit growth is also attributed to effective cost control, with total sales, management, and financial expenses amounting to 136 million yuan, representing only 8% of revenue, a significant decrease of 81.02% year-on-year [2]. Expense Management - The sales expense ratio decreased from 8.89% to 1.49% year-on-year, indicating a scale effect as revenue grew [3]. - The management expense ratio dropped from 38.05% to 6.74%, reflecting improved management efficiency through optimized processes and streamlined organizational structure [3]. - Financial expenses were negative due to increased interest income and a reasonable debt structure, leading to reduced financial costs [3]. Balance Sheet Insights - As of the reporting period, total liabilities amounted to 4.384 billion yuan, a year-on-year increase of 54.25%, driven by increased funding needs for raw material procurement and production equipment [3]. - Cash and cash equivalents were 636 million yuan, a decrease of 24.24% year-on-year [3]. - Accounts receivable reached 5.442 billion yuan, up 77.77% year-on-year, indicating business growth but also necessitating attention to collection risks [3]. Inventory and Cash Flow - The company's inventory stood at 615 million yuan, a decrease of 4.13% year-on-year, suggesting reduced inventory backlog [4]. - The net cash flow from operating activities was -676 million yuan, a narrowing of 38.86% year-on-year, primarily due to increased sales collections and reduced procurement expenditures [4].