GOODIX(SH:603160) Zheng Quan Zhi Xing·2025-08-22 22:17Core Viewpoint - 汇顶科技's 2025 mid-year report shows a slight decline in total revenue but a significant increase in net profit, indicating improved profitability despite revenue challenges [1]. Financial Performance - Total revenue for the first half of 2025 was 2.251 billion yuan, a decrease of 0.2% year-on-year [1]. - Net profit attributable to shareholders reached 431 million yuan, an increase of 35.74% year-on-year [1]. - In Q2 2025, total revenue was 1.187 billion yuan, up 14.4% year-on-year, with net profit of 235 million yuan, up 51.95% year-on-year [1]. - Gross margin improved to 43.28%, up 2.94% year-on-year, while net margin increased to 19.13%, up 36.02% year-on-year [1]. Cost and Expense Analysis - Total selling, administrative, and financial expenses amounted to 127 million yuan, accounting for 5.64% of revenue, down 8.95% year-on-year [1]. - Operating cash flow per share was 0.95 yuan, a decrease of 18.27% year-on-year [1]. - Research and development expenses increased by 11.32%, reflecting ongoing investment in innovation [4]. Balance Sheet Highlights - Cash and cash equivalents decreased by 1.48% to 3.488 billion yuan [1]. - Accounts receivable increased by 31.20% to 595 million yuan, indicating potential liquidity concerns [1]. - Interest-bearing debt decreased significantly by 47.73% to 340 million yuan, reflecting improved debt management [1]. Market Position and Future Outlook - Analysts expect 2025 earnings to reach 838 million yuan, with an average earnings per share of 1.81 yuan [5]. - The company has a historical median ROIC of 32.01%, indicating strong investment returns despite recent fluctuations [4]. - The company’s reliance on R&D-driven growth necessitates careful monitoring of underlying drivers [5]. Fund Holdings - The largest fund holding in 汇顶科技 is 鹏华优选成长混合A, with 1.6245 million shares, reflecting stable investor interest [6].