NBTM(SH:600114) Chang Jiang Shang Bao·2025-08-06 09:17Core Viewpoint - Dongmu Co., Ltd. (600114.SH) continues to achieve steady growth in operating performance, driven by market expansion and technological innovation [1][2]. Financial Performance - In the first half of 2025, Dongmu Co., Ltd. reported operating revenue of 2.93 billion yuan, a year-on-year increase of 24.51%, and a net profit attributable to shareholders of 261 million yuan, up 37.61% [1]. - The company’s quarterly performance showed consistency, with net profits of 112 million yuan and 149 million yuan in Q1 and Q2 respectively, both reflecting a growth of approximately 37.6% [1]. - From 2022 to 2024, the company’s operating revenue was 3.726 billion yuan, 3.861 billion yuan, and 5.143 billion yuan, with year-on-year growth rates of 3.76%, 3.62%, and 33.2% respectively [2]. Market and Industry Trends - The powder metallurgy industry is experiencing a trend towards high-end, green, and intelligent development, with Dongmu Co., Ltd. increasing its R&D investment to enhance its technology [3]. - The demand in the consumer electronics market is recovering, and the company benefits from the growth in automotive, new energy, photovoltaic, and energy storage sectors [2]. Shareholder Returns - Dongmu Co., Ltd. has consistently returned value to shareholders, having distributed cash dividends for 21 consecutive years, with a cumulative net profit of 2.895 billion yuan and cash dividends of 1.56 billion yuan since its listing [3]. - The average dividend payout ratio stands at 53.89% [3]. Research and Development - The company’s R&D investments have increased over the years, with expenditures of 271 million yuan, 278 million yuan, and 322 million yuan from 2022 to 2024, and 162 million yuan in the first half of 2025, accounting for 5.54% of operating revenue [3]. - As of June 30, the company holds 922 authorized patents, including 231 invention patents [4].