据证券之星公开数据整理，近期沈阳机床（000410）发布2025年中报。截至本报告期末，公司营业总收 入18.89亿元，同比上升18.19%，归母净利润4034.85万元，同比上升182.0%。按单季度数据看，第二季 度营业总收入15.17亿元，同比上升23.53%，第二季度归母净利润7216.47万元，同比上升942.0%。本报 告期沈阳机床应收账款上升，应收账款同比增幅达88.05%。 本次财报公布的各项数据指标表现尚佳。其中，毛利率15.32%，同比增27.27%，净利率2.86%，同比增 203.1%，销售费用、管理费用、财务费用总计1.93亿元，三费占营收比10.23%，同比减19.03%，每股净 资产1.09元，同比增132.59%，每股经营性现金流-0.05元，同比增27.54%，每股收益0.02元，同比增 181.82% | 项目 | 2024年中报 | 2025年中报 | 同比增幅 | | --- | --- | --- | --- | | 营业总收入(元) | 15.99 Z | 18.89 Z | 18.19% | | 归母净利润(元) | -4920.47万 | 4034.85万 | ...

Financial Overview - Qin Chuan Machine Tool achieved a total operating revenue of 1.044 billion yuan in Q1 2025, representing a year-on-year increase of 6.39% [2] - The net profit attributable to shareholders was 27.4861 million yuan, up 7.81% year-on-year [2] - The net profit after deducting non-recurring gains and losses was 6.8653 million yuan, showing a significant increase of 52.59% year-on-year [2] Key Financial Indicators - The gross profit margin was 17.24%, an increase of 3.89 percentage points, indicating improved cost control [7] - The net profit margin was 3.0%, down 11.42 percentage points, reflecting pressure on net profit [7] - The ratio of operating expenses to revenue was 11.05%, a decrease of 2.96 percentage points, showing some success in expense management [7] - Earnings per share were 0.03 yuan, an increase of 8.33% year-on-year [7] - The operating cash flow per share was 0.03 yuan, a substantial increase of 126.53%, indicating improvement in cash flow from operating activities [7] - The book value per share was 4.8 yuan, up 1.13% year-on-year [7] Accounts Receivable and Cash Flow - The accounts receivable were notably high, with the amount representing 1957.84% of the latest annual net profit [4] - The company's cash and cash equivalents totaled 1.435 billion yuan, a decrease of 8.81% compared to the same period last year [4] - The ratio of cash and cash equivalents to current liabilities was only 84.89%, and the average operating cash flow over the past three years was only 7.5% of current liabilities [4] Capital Structure and Financing - As of the end of the reporting period, the company's interest-bearing debt was 1.021 billion yuan, a decrease of 16.81% year-on-year [5] - Since its listing, the total amount of financing raised by the company has been 5.359 billion yuan, while the total amount of dividends paid has been 154 million yuan, resulting in a dividend financing ratio of only 0.03 [5] Business Model and Performance Evaluation - The company's performance is primarily driven by research and development, marketing, and equity financing [6] - The return on invested capital (ROIC) for the previous year was 1.16%, indicating weak capital returns [6] - The company needs to carefully analyze the underlying factors driving its performance, as the added value of its products or services appears to be low [6]