ZJHTC(SH:600895) Zheng Quan Zhi Xing·2025-08-23 22:27Core Viewpoint - Zhangjiang Hi-Tech (600895) reported strong revenue and net profit growth for the first half of 2025, with total revenue reaching 1.704 billion yuan, up 39.05% year-on-year, and net profit attributable to shareholders at 369 million yuan, up 38.64% year-on-year [1] Financial Performance - Total revenue for the second quarter was 484 million yuan, showing a significant increase of 97.58% year-on-year, while net profit for the same period decreased by 49.28% to 74.68 million yuan [1] - Gross margin stood at 36.98%, down 38.46% year-on-year, while net margin slightly increased to 20.43%, up 0.15% year-on-year [1] - Total operating expenses (sales, management, and financial expenses) amounted to 327 million yuan, accounting for 19.18% of revenue, a decrease of 29.67% year-on-year [1] Key Financial Metrics - Earnings per share (EPS) increased by 35.29% to 0.23 yuan, while net asset value per share rose by 6.26% to 8.53 yuan [1] - Operating cash flow per share improved by 51.96%, reaching -0.6 yuan [1] Significant Changes in Financial Items - Trading financial assets increased by 74.59% due to an increase in held financial products [3] - Accounts receivable rose by 52.0% due to increased rental and utility receivables [3] - Prepayments surged by 81.6% due to higher prepayments for utilities [3] - Short-term borrowings increased by 131.27% [3] - Revenue from operations increased by 39.05% due to higher income from space carrier operations [3] Investment Insights - The company’s return on invested capital (ROIC) was 3.56%, indicating weak capital returns, while the net profit margin was notably high at 50.14% [4] - The company has a cash flow concern, with cash and cash equivalents to current liabilities ratio at 23.68% [5] - The company’s debt situation is also a concern, with interest-bearing debt ratio at 47.07% [5] Fund Holdings - The largest fund holding Zhangjiang Hi-Tech is the Southern CSI Real Estate ETF, with a scale of 6.232 billion yuan and a recent net value increase of 0.54% [5]