Core Viewpoint - New Henghui Electronics Co., Ltd. (301678.SZ) reported its first financial results post-IPO, showing a revenue increase but a decline in net profit, indicating a "revenue without profit" situation [1][3]. Financial Performance - The company's operating revenue for the first half of 2025 reached 474.37 million yuan, a year-on-year increase of 14.51% compared to 414.26 million yuan in the same period last year [2]. - The net profit attributable to shareholders decreased by 11.94% to 88.95 million yuan from 101.01 million yuan year-on-year [2]. - The net profit after deducting non-recurring gains and losses also fell by 10.65% to 83.22 million yuan [2]. - The net cash flow from operating activities decreased by 10.01% to 85.67 million yuan [2]. - Basic and diluted earnings per share both dropped by 10.71% to 0.50 yuan [2]. - The weighted average return on equity decreased by 2.29 percentage points to 7.04% [2]. Cost Challenges - The decline in profit is attributed to rising costs driven by surging prices of precious metals, which are the basis for the pricing of the company's main raw materials [3]. - Operating costs increased by 27.87% year-on-year, significantly outpacing revenue growth [3]. - The overall gross margin fell to approximately 30.23%, down 7.29 percentage points from the previous year [3]. Structural Issues - The company faces challenges in its business structure, with traditional business growth stagnating; the smart card business, which constitutes 59.74% of revenue, saw only a marginal increase of 0.02% [5]. - Emerging business areas, such as etching lead frames and IoT eSIM chip testing, have not yet achieved significant scale, with their combined revenue share being less than 35% [5]. - The gross margins for these new business areas have also declined, further diluting overall profitability [5]. Cash Flow and Dividend Policy - The net cash flow from operating activities has decreased, yet the company announced a high dividend payout of 1.20 billion yuan, representing a payout ratio of 134.7%, exceeding the net profit of 0.89 billion yuan [9]. - The controlling shareholder, Ren Zhijun, plans to use the dividend to alleviate debt pressure incurred from acquiring company shares [9]. Future Outlook - The company is currently facing two main challenges: short-term cost pressures from precious metal price fluctuations and long-term difficulties in business transformation and growth [9]. - Investment projects, such as the high-density QFN/DFN packaging project, have seen no financial allocation to date, indicating a lack of progress in planned investments [9].
贵金属成本高企，新恒汇净利润同比下滑11.94%，分红1.2亿远超利润总额