Chang Jiang Shang Bao·2025-08-20 08:35Core Viewpoint - The company Jinli Permanent Magnet (300748.SZ) has significantly improved its profitability in the first half of 2025, achieving substantial growth in net profit and operating income despite external uncertainties and intensified industry competition [1][2]. Financial Performance - In the first half of 2025, the company reported operating income of 3.507 billion yuan, a year-on-year increase of 4.33%. The net profit attributable to shareholders reached 305 million yuan, and the net profit after deducting non-recurring gains and losses was 234 million yuan, reflecting year-on-year growth of 154.81% and 588.18% respectively [1]. - Quarterly analysis shows that in Q1 and Q2 of 2025, the operating income was 1.754 billion yuan and 1.753 billion yuan, with year-on-year changes of 14.19% and -3.97%. The net profit attributable to shareholders for the same quarters was 161 million yuan and 144 million yuan, with year-on-year growth of 57.85% and 703.06% [1]. - The company’s performance in 2023 and 2024 showed a decline in operating income and net profit, with 2023's operating income at 6.688 billion yuan and a net profit of 564 million yuan, both down year-on-year [1]. Market Performance - The company achieved domestic sales revenue of 2.994 billion yuan in the first half of 2025, up 8.17% year-on-year, while international sales revenue was 513 million yuan, down 13.58%. Notably, exports to the U.S. increased by 45.10% to 217 million yuan [2]. - In terms of industry segments, the new energy vehicle and auto parts sector generated sales of 1.675 billion yuan, with a sales volume increase of 28.14%. The variable frequency air conditioning sector achieved sales of 1.050 billion yuan, with a sales volume increase of 19.85% [2]. Innovation and R&D - The company is actively pursuing technological innovation and has allocated 170 million yuan for R&D in the first half of 2025, representing 4.84% of its operating income. It holds 136 authorized and pending patents across various regions including Europe, America, and Japan [2]. - The company has upgraded its R&D department to focus on embodied robot motor rotor business, indicating a strategic shift towards this emerging market [3]. Financial Health - As of June 30, 2025, the company maintained a healthy financial position with a debt-to-asset ratio of 45.49% and cash reserves of 2.947 billion yuan [4]. - The company plans to distribute a cash dividend of 247 million yuan, which accounts for 80.99% of its net profit attributable to shareholders [5].