Forbon(SZ:300387) Zheng Quan Zhi Xing·2025-08-22 23:19Core Viewpoint - Fubon Technology (300387) reported mixed financial results for the first half of 2025, with revenue growth but a decline in net profit, indicating potential challenges in profitability despite increased sales [1][3]. Financial Performance Summary - Total revenue for the first half of 2025 reached 685 million yuan, a year-on-year increase of 6.5% compared to 643 million yuan in 2024 [1]. - Net profit attributable to shareholders was 61.22 million yuan, down 12.47% from 69.94 million yuan in the previous year [1]. - The second quarter saw revenue of 380 million yuan, reflecting a 16.1% increase year-on-year, while net profit for the quarter was 38.09 million yuan, a decrease of 12.91% [1]. - Gross margin decreased to 26.45%, down 11.18% year-on-year, and net margin fell to 9.26%, down 17.41% [1]. - Total receivables increased significantly, reaching 341 million yuan, which is 364.42% of the latest annual net profit, indicating potential liquidity concerns [1][4]. Key Financial Metrics - Operating expenses (sales, management, and financial expenses) totaled 75.99 million yuan, accounting for 11.1% of revenue, a decrease of 5.86% year-on-year [1]. - Earnings per share (EPS) dropped to 0.21 yuan, down 12.48% from 0.24 yuan [1]. - Cash flow from operating activities showed a negative value of -0.17 yuan per share, a significant decline of 263.28% year-on-year [1]. Changes in Financial Items - Accounts receivable increased by 44.22% due to sales growth, while contract assets decreased by 60.37% due to reduced warranty deposits [3]. - Long-term borrowings rose by 50.9% as a result of increased bank loans [3]. - Cash and cash equivalents saw a net decrease of 353.3%, attributed to increased purchases of raw materials and financial products [3]. Business Evaluation - The company's return on invested capital (ROIC) was 6.16%, indicating average capital returns, with a historical median ROIC of 5.62% over the past decade [4]. - The company has established a robust research and development mechanism to ensure continuous investment and innovation in agricultural microbiology [5].