Zheng Quan Zhi Xing·2025-08-23 22:23Core Viewpoint - Luoyang Molybdenum's 2025 mid-year report shows a decline in total revenue but a significant increase in net profit, indicating improved profitability despite lower sales [1] Financial Performance - Total revenue for the first half of 2025 was 94.773 billion yuan, a decrease of 7.83% year-on-year - Net profit attributable to shareholders reached 8.671 billion yuan, an increase of 60.07% year-on-year - In Q2 2025, total revenue was 48.767 billion yuan, down 13.99% year-on-year, while net profit was 4.725 billion yuan, up 41.24% year-on-year [1] - Gross margin improved to 21.15%, up 15.1% year-on-year, and net margin increased to 10.39%, up 68.69% year-on-year [1] - Total expenses (selling, administrative, and financial) amounted to 2.166 billion yuan, accounting for 2.29% of revenue, a decrease of 20.81% year-on-year [1] Key Financial Ratios - Earnings per share (EPS) rose to 0.41 yuan, a 64.0% increase year-on-year - Cash flow per share was 0.56 yuan, up 11.92% year-on-year - Net asset value per share increased to 3.39 yuan, a rise of 19.9% year-on-year [1] Investment Insights - The company's return on invested capital (ROIC) was 14.69%, indicating strong capital returns, although historical ROIC averages around 6.07%, suggesting generally weak investment returns [4] - The company's cash assets are reported to be very healthy, indicating good liquidity [4] Fund Holdings - The largest fund holding Luoyang Molybdenum is the Southern CSI Shenwan Nonferrous Metals ETF, with 27.4225 million shares held, showing a reduction in holdings [5] - Other funds have newly entered or increased their positions in Luoyang Molybdenum, indicating growing interest from institutional investors [5]