Sanmei(SH:603379) Xin Lang Cai Jing·2025-08-22 11:37Core Insights - Sanmei Co., Ltd. reported a significant increase in revenue and profit for the first half of 2025, with a revenue of 2.828 billion yuan, representing a year-on-year growth of 38.58% and a net profit of 999.5 million yuan, up 159.22% [1][2] Financial Performance - The basic earnings per share for the reporting period was 1.63 yuan, with a weighted average return on equity of 14.40% [2] - The company's gross margin for the first half of 2025 was 49.50%, an increase of 22.59 percentage points year-on-year, while the net margin was 34.96%, up 16.15 percentage points from the previous year [2] - In Q2 2025, the gross margin reached 51.60%, a year-on-year increase of 21.03% and a quarter-on-quarter increase of 4.90%, with a net margin of 36.55%, up 15.34% year-on-year and 3.71 percentage points quarter-on-quarter [2] Expense Analysis - Total operating expenses for the first half of 2025 were 155 million yuan, an increase of 87.947 million yuan year-on-year, with an expense ratio of 5.50%, up 2.19 percentage points from the previous year [2] - Breakdown of expenses showed sales expenses increased by 23.71%, management expenses by 49.75%, R&D expenses by 35.28%, and financial expenses by 53.73% [2] Shareholder Information - As of the end of the first half of 2025, the total number of shareholders was 17,900, an increase of 3,519 or 24.52% from the previous quarter, while the average market value per shareholder decreased from 1.7186 million yuan to 1.6439 million yuan, a decline of 4.35% [2] Company Overview - Sanmei Co., Ltd. is located in Wuyi County, Zhejiang Province, and was established on May 11, 2001, with its listing date on April 2, 2019. The company specializes in the research, production, and sales of fluorinated chemical products, including fluorocarbon chemicals and inorganic fluorine products [3] - The main revenue sources are fluorinated refrigerants (80.91%), hydrofluoric acid (13.39%), fluorinated foaming agents (3.97%), and other products [3] - The company belongs to the basic chemical industry, specifically in the fluorochemical sector, and is associated with various concepts including PVDF, pension, pre-profit growth, mid-cap, and integrated circuits [3]