CFMOTO(SH:603129) Zheng Quan Zhi Xing·2025-08-12 22:18Core Viewpoint - Chunjun Power achieved significant growth in revenue and net profit in the first half of 2025, indicating strong operational performance and effective cost control [2][10]. Financial Performance Overview - The total revenue for the first half of 2025 reached 9.855 billion, a year-on-year increase of 30.9% - The net profit attributable to shareholders was 1.002 billion, up 41.35% year-on-year - The net profit after deducting non-recurring items was 951 million, reflecting a 38.38% increase year-on-year - In Q2 alone, total revenue was 5.605 billion, a 25.45% increase year-on-year, with net profit at 587 million, up 36.04% year-on-year [2][10]. Profitability Analysis - The gross margin stood at 28.38%, a decrease of 6.22% year-on-year, while the net margin improved to 10.57%, an increase of 7.27% year-on-year - Earnings per share reached 6.58, reflecting a 40.0% year-on-year growth, indicating enhanced profitability [3]. Cost Control and Cash Flow - The total of three expenses (selling, administrative, and financial) amounted to 840 million, accounting for 8.53% of revenue, a decrease of 25.48% year-on-year - Operating cash flow per share was 15.73, a significant increase of 59.63% year-on-year, indicating strong cash generation from operations [4]. Accounts Receivable and Solvency - The accounts receivable level is notably high, with accounts receivable accounting for 116.44% of the latest annual net profit, which may impact future cash flow and solvency - However, the company's cash assets remain robust, with cash and cash equivalents at 8.576 billion, a year-on-year increase of 52.56% [5]. Main Business Performance - All-terrain vehicle business achieved sales of 101,800 units, generating revenue of 4.731 billion, a year-on-year increase of 33.95% [6]. - Motorcycle business sold 150,300 units, with revenue of 3.346 billion, reflecting a 3.03% year-on-year growth [7]. - The electric vehicle business showed exceptional performance, with sales of 250,500 units and revenue of 872 million, a remarkable increase of 652.06% year-on-year [8]. R&D Investment and Global Layout - The company increased R&D investment to 549 million, representing 5.57% of revenue, a year-on-year increase of 19.86% - The company is deepening its global supply chain layout and optimizing production processes to enhance efficiency [9].