NEWAY(SH:603699) Zheng Quan Zhi Xing·2025-08-22 22:17Core Viewpoint - The recent financial report of Nuwei Co., Ltd. (603699) shows significant growth in revenue and net profit for the first half of 2025, indicating strong operational performance and improved profitability metrics [1]. Financial Performance Summary - Total revenue for the first half of 2025 reached 3.404 billion yuan, a year-on-year increase of 19.96% compared to 2.838 billion yuan in 2024 [1]. - Net profit attributable to shareholders was 637 million yuan, up 30.44% from 488 million yuan in the previous year [1]. - In Q2 2025, total revenue was 1.848 billion yuan, reflecting a 25.03% increase year-on-year, while net profit for the quarter was 374 million yuan, up 28.37% [1]. - Gross margin improved to 35.76%, an increase of 1.38% year-on-year, and net margin rose to 18.92%, up 8.68% [1]. - Total expenses (selling, administrative, and financial) amounted to 316 million yuan, accounting for 9.29% of revenue, a decrease of 11.71% year-on-year [1]. Key Financial Metrics - Earnings per share (EPS) increased to 0.83 yuan, a rise of 29.69% from 0.64 yuan [1]. - Operating cash flow per share surged to 1.19 yuan, a remarkable increase of 1175.22% compared to 0.09 yuan [1]. - The company's net asset value per share was 5.36 yuan, up 5.37% from 5.09 yuan [1]. Changes in Financial Items - Significant changes in financial items include a 65.73% decrease in trading financial assets due to reduced bank wealth management products [3]. - Accounts receivable decreased by 57.46% due to a reduction in bank acceptance bills [3]. - Prepayments increased by 99.63% as a result of increased orders [3]. - Contract liabilities rose by 42.64% due to an increase in advance payments received [4]. Investment Insights - The company's return on invested capital (ROIC) was 22.04%, indicating strong capital returns [6]. - Analysts expect the company's performance in 2025 to reach 1.45 billion yuan, with an average EPS forecast of 1.89 yuan [6]. - The largest fund holding Nuwei shares is the Jiashi Value Long-term Mixed A Fund, which has reduced its holdings [7].