JHT(SH:603199) Zheng Quan Zhi Xing·2025-08-21 22:32Core Viewpoint - Jiuhua Tourism (603199) reported strong financial performance for the first half of 2025, with significant increases in revenue and net profit compared to the previous year [1][4]. Financial Performance Summary - Total revenue for the first half of 2025 reached 483 million yuan, a year-on-year increase of 22.26% [1]. - Net profit attributable to shareholders was 142 million yuan, up 23.96% year-on-year [1]. - In Q2 2025, total revenue was 248 million yuan, reflecting a 15.65% increase year-on-year, while net profit was 73.03 million yuan, up 17.38% [1]. - Gross margin improved to 54.6%, an increase of 0.79% year-on-year, and net margin rose to 29.34%, up 1.4% [1]. - Total operating expenses (selling, administrative, and financial) amounted to 69.73 million yuan, accounting for 14.44% of revenue, a decrease of 6.57% year-on-year [1]. Key Financial Metrics - Earnings per share (EPS) increased to 1.28 yuan, a rise of 23.97% year-on-year [1]. - Operating cash flow per share reached 1.33 yuan, up 92.02% year-on-year [1]. - The company's net assets per share were 14.29 yuan, reflecting a 9.49% increase year-on-year [1]. Changes in Financial Items - Accounts receivable increased by 26.69% to 29.61 million yuan, attributed to sales not yet collected within the credit period [2]. - Cash and cash equivalents surged by 123.98% to 258 million yuan [1]. - The company saw a significant increase in interest-bearing liabilities, which rose by 341.37% to 477,200 yuan [1]. Investment Insights - The company's return on invested capital (ROIC) was reported at 12.53%, indicating strong capital returns [4]. - Analysts expect the company's performance for 2025 to reach 217 million yuan, with an average EPS forecast of 1.96 yuan [4]. Fund Holdings - The largest fund holding Jiuhua Tourism is Penghua Quality Governance LOF, with 1.14 million shares, marking a new entry into the top ten holdings [5]. - Other funds have also increased their positions, indicating growing interest in Jiuhua Tourism [5].