Core Viewpoint - Puyang Huicheng (300481) reported mixed financial results for the first half of 2025, with a slight increase in total revenue but a significant decline in net profit compared to the previous year [1] Financial Performance Summary - Total revenue for the first half of 2025 reached 721 million yuan, a year-on-year increase of 0.36% [1] - Net profit attributable to shareholders was 70.64 million yuan, down 37.22% year-on-year [1] - In Q2 2025, total revenue was 365 million yuan, up 0.16% year-on-year, while net profit was 34.43 million yuan, down 40.09% year-on-year [1] - Gross margin decreased to 18.89%, a decline of 18.22% year-on-year, and net margin fell to 9.8%, down 37.43% year-on-year [1] - Total operating expenses (selling, administrative, and financial expenses) amounted to 17.78 million yuan, representing 2.47% of revenue, an increase of 238.17% year-on-year [1] - Earnings per share decreased to 0.24 yuan, down 36.84% year-on-year, while operating cash flow per share dropped to 0.27 yuan, a decline of 66.51% year-on-year [1] Balance Sheet and Cash Flow Summary - Cash and cash equivalents increased by 34.13% to 92.26 million yuan [1] - Accounts receivable rose by 14.83% to 287 million yuan, with accounts receivable to net profit ratio reaching 149.59% [1][3] - Interest-bearing debt decreased by 8.08% to 187 million yuan [1] - Significant changes in cash flow included a 67.01% decrease in net cash flow from operating activities and an 89.49% decrease in net cash flow from investing activities, attributed to increased cash payments for goods and services and acquisition of equity [2] Business Evaluation - The company's return on invested capital (ROIC) for the previous year was 6.3%, indicating average capital returns [3] - Historical data shows a median ROIC of 16.48% since the company went public, suggesting generally good investment returns [3] - The company has a healthy cash asset position, but attention is needed on the accounts receivable situation [3]

Financial Performance - The company's main revenue for the first half of 2025 was 721 million yuan, a year-on-year increase of 0.36% [1] - The net profit attributable to shareholders was 70.64 million yuan, a year-on-year decrease of 37.22% [1][3] - The net profit excluding non-recurring items was 65.54 million yuan, down 38.12% year-on-year [1][3] - In Q2 2025, the company's single-quarter main revenue was 365 million yuan, an increase of 0.16% year-on-year [1] - The single-quarter net profit attributable to shareholders was 34.43 million yuan, a decrease of 40.09% year-on-year [1][3] - The single-quarter net profit excluding non-recurring items was 31.35 million yuan, down 44.85% year-on-year [1][3] Profitability Metrics - The gross profit margin was 18.89%, a year-on-year decrease of 18.21% [5] - The return on equity was 2.90%, down 36.40% year-on-year [5] - Earnings per share were 0.24 yuan, a year-on-year decrease of 36.84% [5] - The operating cash flow per share was 0.27 yuan, down 66.50% year-on-year [5] Shareholder Information - The largest circulating shareholder is Qu Shui Ao Cheng Industrial Co., Ltd., holding 35.46% of shares [9] - Other notable shareholders include Fei Zhan Jun with 1.27% and Zhengzhou Diseng Instrument Co., Ltd. with 0.73% [9][10] - The number of shareholders has shown a slight decline, with 2.41 million shareholders reported in Q2 2025 [11]

Core Viewpoint - The article discusses the performance of eight display-related companies in the first half of 2025, highlighting their revenue and net profit changes, as well as the factors influencing their financial results. Group 1: Company Performance - Visionox reported revenue of 4.12 billion yuan, a year-on-year increase of 4.79%, but a net loss of 1.06 billion yuan, which is a reduction in loss compared to the previous year [3][4] - Goodix achieved revenue of 2.25 billion yuan, a slight decrease of 0.20%, while net profit rose by 35.74% to 430 million yuan, attributed to increased sales of innovative products [6][8] - Ruile New Materials saw revenue of 806 million yuan, up 16.27%, and net profit of 166 million yuan, a significant increase of 74.22%, driven by strong performance in the pharmaceutical sector [9][10] - Hanbo High-tech's revenue reached 1.55 billion yuan, a substantial increase of 50.84%, with a reduced net loss [11][12] - Akitamicro reported revenue of 631 million yuan, up 21.37%, but a net profit decline of 5.78% to 51 million yuan [16][17] - Jingwei Huikai experienced a revenue drop of 20.23% to 1.27 billion yuan and a net profit decrease of 70.78% to 14 million yuan [19][20] - Puyang Huicheng's revenue was 721 million yuan, a slight increase of 0.36%, but net profit fell by 37.22% to 70 million yuan [22][23] - Suijing Optoelectronics reported revenue of 165 million yuan, a growth of 33.04%, but incurred a net loss of 17 million yuan [25][26] Group 2: Industry Trends and Insights - Visionox focused on optimizing product structure, emphasizing AMOLED display products, leading to a 9.66% increase in OLED product revenue [5] - Goodix's revenue decline was attributed to changes in customer demand and inventory management, while its gross margin improved from 42.0% to 43.3% due to reduced chip procurement costs [8] - Ruile New Materials' growth was driven by a strong pharmaceutical segment and effective cost control measures [10] - Hanbo High-tech expanded its market in automotive backlight display modules, successfully collaborating with several Tier 1 suppliers [13][14] - Akitamicro's new production base in Thailand is expected to enhance its core business in display devices and embedded software development [18] - Jingwei Huikai's profit decline was influenced by international market conditions and increased production costs [21] - Puyang Huicheng's revenue growth in its anhydride derivatives business was notable, with a 3.74% increase [24] - Suijing Optoelectronics saw significant growth in its automotive LED segment, with a 241.15% increase in sales [27][28]

Core Insights - Puyang Huicheng (300481.SZ) released its semi-annual report for 2025 on August 22, 2025, indicating significant institutional investment in the company [1] Institutional Holdings - As of August 21, 2025, six institutional investors disclosed holdings in Puyang Huicheng A-shares, totaling 111 million shares, which represents 37.87% of the company's total equity [1] - The institutional investors include Qu Shui Ao Cheng Industrial Co., Ltd., Zhengzhou Disen Instrument Co., Ltd., Hong Kong Central Clearing Limited, Kehua Tianyuan (Tianjin) Commercial Operation Management Co., Ltd., Industrial and Commercial Bank of China - Southern Baoyuan Bond Fund, and Hubei Gaotou Chankong Investment Co., Ltd. [1] - Compared to the previous quarter, the total institutional holding percentage increased by 0.21 percentage points [1] Public Fund and Foreign Investment - In the public fund category, one new public fund was disclosed this period, namely Southern Transformation Growth Flexible Allocation Mixed A [1] - Regarding foreign investment, one foreign fund, Hong Kong Central Clearing Limited, reduced its holdings this period, resulting in a slight decrease in its holding percentage [1]

Core Viewpoint - Puyang Huicheng (SZ 300481) reported a slight increase in revenue for the first half of 2025, but a significant decline in net profit compared to the previous year [2] Financial Performance - The company's revenue for the first half of 2025 was approximately 721 million yuan, representing a year-on-year increase of 0.36% [2] - The net profit attributable to shareholders was around 70.64 million yuan, which reflects a year-on-year decrease of 37.22% [2] - Basic earnings per share were reported at 0.24 yuan, down 36.84% year-on-year [2]

证券日报网讯 8月21日晚间，濮阳惠成发布公告称，公司第五届董事会第二十二次会议审议通过了《关 于公司及其摘要的议案》等多项议案。 （文章来源：证券日报） ...

格隆汇8月21日丨濮阳惠成(300481.SZ)公布2025年半年度报告，上半年公司实现营业收入7.21亿元，同 比增长0.36%；归属于上市公司股东的净利润7064.37万元，同比下降37.22%；归属于上市公司股东的扣 除非经常性损益的净利润6554.34万元，同比下降38.12%；基本每股收益0.24元；拟向全体股东每10股 派发现金红利2元(含税)。 ...

濮阳惠成电子材料股份有限公司 证券代码：300481 证券简称：濮阳惠成 公告编号：2025-055 一、本次利润分配预案的相关审批程序 （一）股东会授权情况 司结合2025年中期（包含半年度、前三季度）或春节前累计未分配利润与当期业 绩情况，授权董事会在符合利润分配原则、保证公司正常经营和长远发展的前提 下，根据《公司法》和《公司章程》的规定制定具体的中期分红方案。 （二）董事会意见 濮阳惠成电子材料股份有限公司 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 特别提示： 基数，向全体股东每10股派发现金红利2元人民币（含税）。 条相关规定的可能被实施其他风险警示情形。 公司拟以权益分派实施时股权登记日的总股本为基数，向权益分派实施时股 权登记日的在册股东每10股派送现金股利2元（含税）。本次利润分配不送红股， 不进行资本公积金转增股本。在利润分配预案实施时公司总股本如因新增股份上 市、股权激励授予行权、可转债转股、股份回购等事项发生变动，将按照分配比 例不变的原则对分配总额进行调整。公司权益分派具体实施前因股份回购、再融 资新增股份等原因发生股本变动的，以 ...

证券代码：300481 证券简称：濮阳惠成 公告编号：2025-054 濮阳惠成电子材料股份有限公司董事会 濮阳惠成电子材料股份有限公司 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 一、募集资金基本情况 经中国证券监督管理委员会《关于同意濮阳惠成电子材料股份有限公司向特定 对象发行股票注册的批复》（证监许可〔2021〕818 号）同意，濮阳惠成向特定对 象发行人民币普通股（A 股）37,243,947 股，发行价格为 21.48 元/股，募集资金总 额 799,999,981.56 元，扣除各项发行费用后，募集资金净额 788,898,808.02 元。以 上募集资金到账情况已由立信会计师事务所（特殊普通合伙）于 2021 年 5 月 27 日 出具的《验资报告》（信会师报字[2021]第 ZB11170 号）验证确认。 2025 半年度实际使用募集资金 1,079.24 万元，累计使用募集资金 66,581.28 万元 （含收益），其中顺酐酸酐衍生物、功能材料中间体及研发中心项目累计使用募集资 金 44,581.28 万元，补充流动资金项目累计使用募集资 ...

法定代表人： 主管会计工作负责人： 会计机构负责人： 濮阳惠成电子材料股份有限公司2025年半年度 非经营性资金占用及其他关联资金往来情况汇总表 单位：万元 | 非经营性资金占用 | 资金占用方名称 | 占用方与上 市公司的关 | 上市公司核算 | 2025年期初占用资 | 2025年半年度 占用累计发生 | 2025年半年 度占用资金 | 2025年半年度偿 | 2025年半年期末 | 占用形成 | 占用性质 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | 的会计科目 | 金余额 | 金额 （不含利 | | 还累计发生金额 | 占用资金余额 | 原因 | | | | | 联关系 | | | 息） | 的利息(如有) | | | | | | 控股股东、实际控制 | | | | | | | | | | | | 人及其附属企业 | | | | | | | | | | | | 小计 | | | | | | | | | | | | 前控股股东、实际控 | | | | | | | | | | | | 制人及其附属 ...