Nisco(SH:600282) Zheng Quan Zhi Xing·2025-08-20 22:41Core Insights - South Steel Co., Ltd. (南钢股份) reported a total revenue of 28.944 billion yuan for the first half of 2025, a year-on-year decrease of 14.06%, while the net profit attributable to shareholders increased by 18.63% to 1.463 billion yuan [1][3] Financial Performance - The company's gross profit margin improved by 18.08% to 13.17%, and the net profit margin increased by 32.5% to 4.85% [1][3] - Total operating expenses, including selling, administrative, and financial expenses, amounted to 1.12 billion yuan, representing 3.87% of revenue, an increase of 5.55% year-on-year [1][3] - Earnings per share rose by 18.65% to 0.24 yuan, while operating cash flow per share surged by 104.54% to 0.37 yuan [1][3] Changes in Financial Items - Cash and cash equivalents decreased by 6.3% due to improved capital turnover efficiency [3] - Accounts receivable increased by 16.48% as more clients opted for commercial bills for settlement [3] - Inventory decreased by 11.21% due to enhanced inventory turnover efficiency [3] - Operating revenue declined by 14.06% primarily due to falling steel prices and reduced production from maintenance of the No. 3 blast furnace [3][4] Investment and Financing - The company’s return on invested capital (ROIC) was 5.37%, indicating a relatively weak capital return [4] - The estimated dividend yield is projected at 4.31% [4] - The company has a significant reliance on research and development for its business performance [4] Market Position and Fund Holdings - The largest fund holding South Steel shares is the Jiashi Value Selected Stock A fund, with a scale of 3.959 billion yuan [6] - Several funds have recently increased their holdings in South Steel, indicating growing interest from institutional investors [6]