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股份支付致净利润转降 航亚科技六成股票激励流向六位高管
Core Viewpoint -航亚科技's financial report for the first half of 2025 shows a revenue of 369 million yuan, an increase of 8.76% year-on-year, but a net profit attributable to shareholders decreased by 8.92% to 61.21 million yuan, primarily due to increased share-based payment expenses [3][4][8] Financial Performance - The company's revenue for the first half of 2025 was 369 million yuan, with a year-on-year growth of 8.76% [3] - The net profit attributable to shareholders was 61.21 million yuan, a decrease of 8.92% year-on-year [3] - The non-recurring net profit was 53.90 million yuan, down 18.35% year-on-year [3] - The increase in share-based payment expenses was the main reason for the decline in net profit [4][6] Expense Analysis - The company's operating expenses, referred to as "three fees," saw significant increases: sales expenses rose by 16.17%, management expenses by 40.12%, and financial expenses surged by 106.71% [4] - The increase in share-based payment expenses was a major contributor to the rise in sales and management expenses [4][6] Share-Based Payment Plan - The company implemented a restricted stock incentive plan in 2024, granting 5.5 million shares to incentivize management and align their interests with shareholders [5] - A high concentration of share grants was noted, with six core executives receiving 60% of the total shares allocated under the plan [6][7] Accounts Receivable Concerns - The company's accounts receivable reached 392 million yuan by the end of June 2025, exceeding its revenue for the first half of 2025 [8][9] - The accounts receivable as a percentage of revenue has increased significantly over the past three years, indicating a growing reliance on credit sales [8][9] - The company acknowledged the risks associated with high accounts receivable but noted that 95.45% of it was within one year, with clients being reputable aviation companies [8][10] Cash Flow Situation - Despite revenue growth, the net cash flow from operating activities decreased by 35.55% year-on-year, indicating potential liquidity issues [8][10]