V-Test(SH:688372) Zheng Quan Zhi Xing·2025-08-21 22:31Core Viewpoint - Weic Technology (688372) reported strong financial performance for the first half of 2025, with significant increases in revenue and net profit, indicating robust growth and improved profitability metrics [1]. Financial Performance - Total revenue reached 634 million yuan, a year-on-year increase of 47.53% [1] - Net profit attributable to shareholders was 101 million yuan, up 831.03% year-on-year [1] - Gross margin improved to 34.5%, reflecting a 20.8% increase compared to the previous year [1] - Net margin rose to 15.94%, showing a substantial increase of 531.08% year-on-year [1] - Operating cash flow per share increased by 28.11% to 2.29 yuan [1] Key Financial Metrics - The company reported a total of 9085.48 million yuan in combined sales, management, and financial expenses, which accounted for 14.32% of revenue, a decrease of 1.15% year-on-year [1] - Earnings per share surged to 0.68 yuan, marking a 580.0% increase [1] - Cash and cash equivalents increased by 240.11% to 608 million yuan [1] - Interest-bearing liabilities rose significantly by 184.68% to 2.977 billion yuan [1] Changes in Assets and Liabilities - The company experienced a 275.6% increase in receivables financing due to higher credit-rated bank acceptance bills [2] - Inventory decreased by 31.42% due to reduced turnover materials [2] - The company’s intangible assets increased by 113.19% due to the acquisition of land use rights for a new headquarters [3] Operational Insights - The company’s revenue growth was driven by increased testing demand and improved capacity utilization [4] - The company plans to focus on high-end chip testing and reliability testing, aiming to capture growth opportunities in emerging industries [10][12] - The company’s return on invested capital (ROIC) was reported at 4.33%, indicating a need for improved capital efficiency [5] Market Position and Investor Interest - The company is held by notable fund managers, with increased positions in several funds, indicating strong investor interest [6][7] - The company’s stock price has been affected by broader market conditions, but operational performance remains stable [11]