HTGF(SH:600864) Zheng Quan Zhi Xing·2025-08-14 23:21Core Viewpoint - The recent financial report of Hato Co., Ltd. (600864) shows significant growth in net profit and revenue, indicating a strong performance despite an increase in accounts receivable and other expenses [1] Financial Performance Summary - Total revenue for the first half of 2025 reached 1.475 billion yuan, a year-on-year increase of 1.12% [1] - Net profit attributable to shareholders was 380 million yuan, up 233.08% year-on-year [1] - In Q2 2025, total revenue was 503 million yuan, reflecting a 5.18% increase compared to the same quarter last year [1] - Q2 net profit attributable to shareholders was 261 million yuan, a staggering increase of 1059.14% year-on-year [1] Key Financial Metrics - Gross margin improved to 19.97%, up 7.55% year-on-year [1] - Net margin surged to 36.63%, an increase of 354.4% compared to the previous year [1] - Total expenses (selling, administrative, and financial) amounted to 501 million yuan, accounting for 33.97% of revenue, which is a 21.03% increase year-on-year [1] - Earnings per share rose to 0.18 yuan, a 260% increase from the previous year [1] Changes in Financial Items - Accounts receivable increased significantly by 154.8%, reaching 964 million yuan [1][3] - Cash and cash equivalents rose by 48.09% to 9.891 billion yuan [1] - Interest-bearing debt increased by 15.49% to 8.118 billion yuan [1] - The company reported a 97.33% decrease in operating cash flow per share, now at 0.02 yuan [1] Operational Insights - The company’s return on invested capital (ROIC) was 0.88%, indicating weak capital returns historically [5] - The net profit margin for the previous year was 16.34%, suggesting high added value in products or services [5] - The company has experienced three years of losses since its listing, indicating a fragile business model [5]