BNBMPLC(SZ:000786) Zheng Quan Zhi Xing·2025-08-19 22:59Core Viewpoint - North New Materials (000786) reported disappointing financial results for the first half of 2025, with a slight decline in total revenue and a significant drop in net profit compared to the previous year [1] Financial Performance Summary - Total revenue for the first half of 2025 was 13.558 billion yuan, a decrease of 0.29% year-on-year [1] - Net profit attributable to shareholders was 1.93 billion yuan, down 12.85% year-on-year [1] - In Q2 2025, total revenue was 7.312 billion yuan, a decline of 4.46% year-on-year, while net profit was 1.087 billion yuan, down 21.88% year-on-year [1] - Gross margin was 30.35%, a decrease of 1.93% year-on-year, and net margin was 14.56%, down 12.18% year-on-year [1] - Total expenses (selling, administrative, and financial) amounted to 1.289 billion yuan, accounting for 9.51% of revenue, an increase of 7.97% year-on-year [1] - Earnings per share (EPS) was 1.14 yuan, a decrease of 12.82% year-on-year, while operating cash flow per share was 0.57 yuan, down 52.86% year-on-year [1] Cash Flow and Financial Ratios - The net cash flow from operating activities decreased by 52.86%, primarily due to the impact of the previous year's consolidation of Jiaboli and a reduction in cash received from sales [2] - The net cash flow from investing activities increased by 1105.59%, attributed to a decrease in cash paid for subsidiaries and an increase in cash recovered from bank wealth management products [2] - The net cash flow from financing activities decreased by 69.94%, due to a reduction in net borrowings and an increase in payments for remaining equity investments [2] - The net increase in cash and cash equivalents was up 314.5%, driven by the changes in investing and operating cash flows [2] Business Evaluation - The company's return on invested capital (ROIC) for the previous year was 13.56%, indicating strong capital returns [3] - The historical median ROIC over the past decade was 13.81%, suggesting average investment returns [3] - The company has a projected dividend yield of 4.01% [3] - Analysts expect the company's performance in 2025 to reach 4.108 billion yuan, with an average EPS forecast of 2.43 yuan [3] Fund Holdings - The largest fund holding North New Materials is the Southern Component Selection Mixed A fund, with 4.9962 million shares and a recent net value of 0.6302 [4] - Other notable funds include the Fortune Long-term Growth Mixed A and the Jia Shi Strategy Mixed fund, which have also increased their holdings [4]