Zhejiang Yonghe Refrigerant (SH:605020) Zheng Quan Zhi Xing·2025-08-12 22:39Core Viewpoint - Yonghe Co., Ltd. (605020) reported strong financial performance for the first half of 2025, with significant increases in revenue and net profit compared to the previous year [1]. Financial Performance Summary - Total revenue reached 2.445 billion yuan, a year-on-year increase of 12.39% [1]. - Net profit attributable to shareholders was 271 million yuan, up 140.82% year-on-year [1]. - In Q2 2025, total revenue was 1.308 billion yuan, reflecting a 12.41% increase year-on-year, while net profit for the quarter was 174 million yuan, up 130.55% [1]. - Gross margin improved to 25.29%, an increase of 41.04% year-on-year, and net margin rose to 11.14%, up 113.8% [1]. Key Financial Metrics - Operating expenses (sales, management, and financial expenses) totaled 206 million yuan, accounting for 8.43% of revenue, a decrease of 5.87% year-on-year [1]. - Earnings per share (EPS) increased to 0.67 yuan, a rise of 123.33% year-on-year [1]. - Cash flow from operating activities per share was 0.72 yuan, up 150.08% year-on-year [1]. - The company's net asset per share was 9.69 yuan, reflecting a 44.37% increase year-on-year [1]. Changes in Financial Items - Cash and cash equivalents increased by 233.71% due to the receipt of funds from a private placement [1][2]. - Other receivables rose by 72.0% due to an increase in export tax refunds [2]. - Short-term borrowings decreased by 44.08% as a result of increased repayments [2]. - Contract liabilities increased by 54.11% due to higher prepayments from customers [4]. - Tax payables rose by 144.99% due to increases in VAT and corporate income tax [5]. - Long-term borrowings decreased by 61.49% due to repayments [6]. Business Model and Market Position - The company's performance is primarily driven by capital expenditures, necessitating careful evaluation of the profitability of these investments [8]. - The historical return on invested capital (ROIC) was 6.44%, indicating average capital returns [8]. - Analysts project that the company's earnings for 2025 will reach 583 million yuan, with an average EPS forecast of 1.24 yuan [8]. Fund Holdings - The largest fund holding Yonghe Co., Ltd. is the Xin'ao Cycle Power Mixed A fund, which holds 3.1148 million shares and has seen a 52.37% increase in value over the past year [9].