Darbond Technology (SH:688035) Zheng Quan Zhi Xing·2025-08-16 23:35Core Viewpoint - Debon Technology (688035) reported strong revenue growth in its 2025 mid-year report, with total revenue reaching 690 million yuan, a year-on-year increase of 49.02%, and a net profit of 45.57 million yuan, up 35.19% from the previous year [1] Financial Performance - Total revenue for the second quarter was 374 million yuan, reflecting a year-on-year increase of 43.8, while net profit for the same period was 18.43 million yuan, showing a decline of 7.51% [1] - The gross profit margin improved to 27.46%, an increase of 6.94% year-on-year, while the net profit margin decreased to 6.74%, down 5.35% [1] - Total expenses (selling, administrative, and financial) amounted to 96.66 million yuan, accounting for 14.01% of revenue, a decrease of 1.88% year-on-year [1] - Earnings per share rose to 0.32 yuan, a 33.33% increase year-on-year, while operating cash flow per share was -0.13 yuan, a significant decline of 109.9% [1] Accounts Receivable and Liabilities - Accounts receivable increased significantly, with a year-on-year growth of 49.42%, reaching 230 million yuan [1] - The company’s interest-bearing liabilities decreased by 6.44% to 129 million yuan [1] Business Evaluation - The company's return on invested capital (ROIC) was 3.61%, indicating weak capital returns, with a historical median ROIC of 8.25% since its listing [3] - The net profit margin for the previous year was 8.36%, suggesting average value addition from products or services [3] - The company has experienced one loss year since its listing, necessitating further investigation into underlying causes [3] Market Position and Fund Holdings - The largest fund holding Debon Technology is Huatai-PB Heavy Chemical Leading Mixed A, with a scale of 350 million yuan and a recent net value increase of 1.59% [4] - New entries into the top ten holdings include Wanji Yida Flexible Allocation Mixed A, indicating growing interest from fund managers [4]