NCE(SH:605111) Zheng Quan Zhi Xing·2025-08-20 22:41Core Viewpoint - New Energy's financial performance for the first half of 2025 shows a positive trend with revenue and net profit growth, despite a decline in quarterly revenue, indicating a strong operational capability and market positioning [1][4]. Financial Performance Summary - Total revenue for the first half of 2025 reached 930 million yuan, a year-on-year increase of 6.44% [1]. - Net profit attributable to shareholders was 235 million yuan, up 8.03% year-on-year [1]. - In Q2 2025, total revenue was 481 million yuan, reflecting a decline of 4.21% compared to the previous year, while net profit for the quarter was 127 million yuan, an increase of 7.88% [1]. - Gross margin improved slightly to 35.8%, with a net margin of 25.1%, showing increases of 0.06% and 1.53% respectively [1]. - Total operating expenses (sales, management, and financial expenses) amounted to 32.05 million yuan, representing 3.45% of revenue, a significant increase of 192.96% year-on-year [1]. Key Financial Metrics - Earnings per share (EPS) increased to 0.57 yuan, a rise of 9.62% year-on-year [1]. - Operating cash flow per share improved significantly by 72.2% to 0.38 yuan [1]. - The company's net assets per share rose to 10.02 yuan, an increase of 10.74% [1]. Changes in Financial Items - Cash and cash equivalents increased by 37.24% to 2.718 billion yuan due to operational accumulation [3]. - Trade receivables rose by 39.33% to 299 million yuan [3]. - Long-term equity investments surged by 174.69%, indicating increased external investments [3]. - The company reported a significant increase in expected liabilities by 77.7% due to quality assurance deposits [3]. Cost and Expense Analysis - Operating costs increased by 6.4%, aligned with revenue growth [4]. - Sales expenses rose by 22.95% due to increased sales commissions and incentives [4]. - Financial expenses saw a notable increase of 72.65%, attributed to reduced interest income [4]. - Research and development expenses grew by 30.9%, reflecting a commitment to innovation [4]. Investment and Returns - The company's return on invested capital (ROIC) was reported at 10.32%, with a historical median of 17.27% since its listing [8]. - The company has shown a strong investment return history, despite a lower ROIC of 7.23% in 2023 [8]. Market Position and Fund Holdings - The leading fund holding New Energy shares is the Baodao Zhuoyuan Mixed A Fund, with a holding of 84,900 shares [11]. - The fund's recent performance shows a 36.45% increase over the past year, indicating strong investor confidence [11].