HIRON COLD CHAIN(SH:603187) Zheng Quan Zhi Xing·2025-08-22 22:16Core Insights - Hailong Cold Chain (603187) reported a total revenue of 1.791 billion yuan for the first half of 2025, representing a year-on-year increase of 12.86% and a net profit attributable to shareholders of 221 million yuan, up 10.38% year-on-year [1] - The second quarter of 2025 saw a total revenue of 882 million yuan, a significant increase of 19.96% year-on-year, with a net profit of 117 million yuan, reflecting a 36.63% year-on-year growth [1] - The company's accounts receivable were notably high, with accounts receivable amounting to 437.58% of the latest annual net profit [1] Financial Performance - Gross margin stood at 26.66%, down 3.1% year-on-year, while net margin was 12.27%, a decrease of 3.24% year-on-year [1] - Total selling, administrative, and financial expenses amounted to 152 million yuan, accounting for 8.5% of revenue, a reduction of 4.17% year-on-year [1] - Earnings per share (EPS) increased to 0.58 yuan, up 11.54% year-on-year, and operating cash flow per share surged to 0.57 yuan, a remarkable increase of 673.88% year-on-year [1] Significant Financial Changes - Trading financial assets decreased by 43.08% due to a reduction in bank wealth management products [3] - Accounts receivable financing surged by 465.34% due to an increase in bank acceptance bills not yet endorsed for transfer [3] - Prepayments increased by 45.6% due to higher advance payments for equipment procurement [3] Investment and Cash Flow - Net cash flow from investing activities decreased by 50.46% due to reduced net cash flow from purchasing financial products [4] - The company's return on invested capital (ROIC) was 8.04%, indicating average capital returns, while the historical median ROIC since listing was 12.95% [5] - The company maintains a healthy cash asset position, with analysts projecting a net profit of 396 million yuan for 2025 and an average EPS of 1.03 yuan [5] Fund Holdings - The largest fund holding Hailong Cold Chain is the Zheshang Smart Value Mixed A fund, which holds 2.9487 million shares and has reduced its position [6] - Other funds have shown varied movements, with some increasing their holdings while others have decreased [6]