Titan Wind(SZ:002531) Zheng Quan Zhi Xing·2025-08-22 22:34Core Viewpoint - TianShun Wind Power (002531) reported disappointing financial results for the first half of 2025, with significant declines in revenue and net profit compared to the previous year [1][2]. Financial Performance - Total revenue for the first half of 2025 was 2.189 billion yuan, a decrease of 3.08% year-on-year [1]. - Net profit attributable to shareholders was 53.823 million yuan, down 75.08% year-on-year [1]. - In Q2 2025, total revenue was 1.263 billion yuan, an increase of 4.82% year-on-year, while net profit was 18.178 million yuan, a decrease of 73.11% year-on-year [1]. - Gross margin was 20.87%, down 21.94% year-on-year, and net margin was 5.21%, down 45.59% year-on-year [1]. - Total receivables were 4.569 billion yuan, representing a decrease of 9.22% year-on-year [1]. Cash Flow and Debt - Operating cash flow per share was 0.12 yuan, a decrease of 59.14% year-on-year [1]. - The company experienced a significant increase in financing activities, with net borrowing inflow rising by 62.01% [3]. - The company’s cash flow situation is concerning, with cash and cash equivalents accounting for only 2.21% of total assets [6]. Business Model and Investment Returns - The company's return on invested capital (ROIC) was 2.94%, indicating weak capital returns [4]. - The historical median ROIC over the past decade was 8.12%, suggesting that the current performance is below average [4]. - The business model relies heavily on capital expenditures, necessitating careful evaluation of the profitability of these investments [5]. Fund Holdings - The largest fund holding TianShun Wind Power is the Southern Transformation Growth Mixed A fund, which has a scale of 1.681 billion yuan and has seen a 23.48% increase over the past year [6].