NBJF(SH:603997) Zheng Quan Zhi Xing·2025-08-15 23:03Core Viewpoint - The financial performance of Jifeng Co., Ltd. (继峰股份) for the first half of 2025 shows a decline in revenue but a significant increase in net profit, indicating improved profitability despite lower sales [1][4]. Financial Performance Summary - Total revenue for the first half of 2025 was 10.523 billion yuan, a decrease of 4.39% compared to the same period in 2024 [1]. - Net profit attributable to shareholders reached 154 million yuan, an increase of 189.51% year-on-year [1]. - The gross margin improved to 15.31%, up 5.48% from the previous year, while the net margin rose to 1.34%, reflecting a 234.44% increase [1]. - Total operating expenses (sales, management, and financial expenses) amounted to 1.095 billion yuan, accounting for 10.41% of revenue, down 9.7% year-on-year [1]. - Earnings per share (EPS) increased to 0.12 yuan, a 200% rise compared to the previous year [1]. Cash Flow and Debt Analysis - Operating cash flow per share improved to 0.1 yuan, a significant increase of 217.72% year-on-year [1]. - The company’s cash and cash equivalents increased by 8.6% to 1.784 billion yuan [1]. - Interest-bearing liabilities rose by 20.72% to 7.533 billion yuan, indicating a growing debt level [1]. Changes in Financial Items - Accounts receivable increased by 8.93% to 4.537 billion yuan, attributed to an increase in bank acceptance bills received [3]. - Contract liabilities rose by 66.74%, reflecting an increase in customer prepayments [3]. - Research and development expenses increased by 42.26%, driven by higher business volume in the seating segment [3]. Fund Holdings - The largest fund holding Jifeng Co., Ltd. is the Fortune Consumer Theme Mixed Fund, which increased its position to 16.8889 million shares [6]. - Other funds, such as the Fortune Value Creation Mixed Fund and the Xingquan Green LOF, also increased their holdings [6].