提前识别企业的财务风险（债务压力、闲置资金、产能过剩）发现利润结构异常或短期粉饰的蛛丝马迹，理性判断企业未来发展前景案例超多，还都是投 资市场熟面孔。宁德时代、中芯国际、美的、格力、恒瑞医药、爱美客、云南白药……每一个真实案例都来自作者张新民的观察与思考。 读完本书，初学者将轻松掌握财务分析的方法与技巧，投资人能一眼看懂企业的价值，远离垃圾企业，企业管理者能轻松看穿企业的管理效率、盈利能力 和未来发展前景。翻开本书，从零解开财务报表背后的财富密码。无论你是股民，还是企业管理者都值得一读再读。 作者简介：张新民。中国财务报表分析领域专家，"张氏财务分析框架"提出者。管理学博士，会计学教授，博士生导师。现为国务院学位委员会工商管理 学科评议组成员，国务院政府特殊津贴获得者，财政部"会计名家"（2014），北京市教学名师，资深英国公认会计师（FCCA），资深澳大利亚注册会计 师（FCPA），资深中国香港注册会计师（HKICPA）。 又到了一年一度的中期财报发布季，终于不用对着一堆财务数据抓瞎了！读完《四维读财报》这本书，终于知道咋从财报里提取有价值的信息了。作者张 新民，是财政部会计名家、对外经贸大学原副校长，长期 ...

Core Viewpoint - 泰禾智能 (603656) reported a strong performance in its 2025 mid-year financial results, with significant increases in revenue and net profit compared to the previous year [1] Financial Performance - Total revenue for the reporting period reached 249 million yuan, a year-on-year increase of 10.92% - Net profit attributable to shareholders was 10.577 million yuan, up 61.24% year-on-year - In Q2, total revenue was 144 million yuan, reflecting an 11.45% increase year-on-year, while net profit for the quarter was 8.4873 million yuan, a 34.64% increase year-on-year [1] - Gross margin improved by 6.48% year-on-year, reaching 43.63%, while net margin increased by 53.46% to 4.02% [1] - Total selling, administrative, and financial expenses amounted to 63.2374 million yuan, accounting for 25.38% of revenue, a decrease of 11.73% year-on-year [1] - Earnings per share rose to 0.06 yuan, a 50% increase year-on-year, and operating cash flow per share increased by 146.81% to 0.09 yuan [1] Significant Financial Changes - Cash and cash equivalents increased by 47.96% due to reduced investment in financial products [2] - Accounts receivable rose by 92.5% due to an increase in commercial acceptance bills [2] - Other current assets surged by 124.36% due to the merger with 阳光优储 [2] - Fixed assets increased by 69.87% and construction in progress skyrocketed by 2134.32%, both attributed to the same merger [2] - Short-term borrowings increased due to new credit borrowings [2] Debt and Cash Flow - The company demonstrated strong cash assets, indicating good solvency [4] - Net cash flow from operating activities increased by 146.81% due to reduced purchases and expenses [3] - Financing activities saw a significant increase in cash flow, up 228.91% due to new short-term borrowings [3] Business Model and Operational Insights - The company's performance is primarily driven by research and marketing efforts, necessitating a deeper analysis of these underlying drivers [5] - The accounts receivable situation is concerning, with accounts receivable to profit ratio reaching 923.17% [6]