Lutian Machinery (SH:605259) Zheng Quan Zhi Xing·2025-08-22 22:17Core Viewpoint - Greenfield Machinery (605259) reported strong financial performance for the first half of 2025, with significant increases in revenue and net profit compared to the previous year [1] Financial Performance Summary - Total revenue for the first half of 2025 reached 1.307 billion yuan, a year-on-year increase of 29.97% [1] - Net profit attributable to shareholders was 140 million yuan, up 64.36% year-on-year [1] - In Q2 2025, total revenue was 669 million yuan, reflecting a 15.19% increase year-on-year, while net profit for the quarter was approximately 83.06 million yuan, a 70.41% increase [1] - Gross margin improved to 21.4%, with a year-on-year increase of 23.09%, and net margin rose to 10.75%, up 26.47% year-on-year [1] Key Financial Metrics - Operating expenses, including sales, management, and financial costs, totaled 59.72 million yuan, accounting for 4.57% of revenue, which is an 86.76% increase year-on-year [1] - Earnings per share (EPS) increased to 0.81 yuan, a 62.0% rise compared to the previous year [1] - Operating cash flow per share reached 0.90 yuan, marking a significant increase of 175.88% year-on-year [1] - The company's net asset value per share decreased to 10.06 yuan, down 22.38% year-on-year [1] Changes in Financial Items - Other receivables decreased by 51.98% due to a reduction in export tax refunds [2] - Other current assets saw a significant decline of 93.99% due to a decrease in deductible VAT input tax [3] - Contract liabilities decreased by 30.3% as a result of reduced customer prepayments [4] - Employee compensation payable decreased by 32.01% due to the payment of last year's bonuses [5] - Other payables increased by 914.08% due to unpaid dividends [6] Cash Flow and Investment Activities - Net cash flow from operating activities increased by 286.23% due to higher cash receipts from sales and tax refunds [7] - Net cash flow from investing activities decreased by 88.09% due to increased investment in a new project for general power machinery [7] - Net cash flow from financing activities increased by 96.81% due to unpaid dividends [7] Business Evaluation - The company's return on invested capital (ROIC) was 9.82%, indicating average capital returns [7] - Historical data shows a median ROIC of 13.96% since the company went public, with the lowest ROIC recorded at 6.67% in 2018 [7] - Analysts expect the company's performance for 2025 to reach 261 million yuan, with an average EPS forecast of 1.51 yuan [7]