Fujian Haiqin Energy Group(SH:600753) Zheng Quan Zhi Xing·2025-08-23 22:27Core Viewpoint - *ST Haichin (600753) reported significant improvements in financial performance for the first half of 2025, with a notable increase in revenue and net profit compared to the previous year [1][3]. Financial Performance Summary - Total revenue for the first half of 2025 reached 325 million yuan, a year-on-year increase of 50.38% [1]. - The net profit attributable to shareholders was 7.47 million yuan, up 120.41% from the previous year [1]. - In Q2 2025, total revenue was 242 million yuan, reflecting a staggering year-on-year increase of 541.4% [1]. - The net profit for Q2 2025 was 8.99 million yuan, an increase of 151.99% year-on-year [1]. - Gross margin improved significantly to 5.24%, up 704.48% year-on-year, while net margin reached 2.3%, an increase of 113.58% [1]. Cost and Expense Analysis - Total selling, administrative, and financial expenses amounted to 7.77 million yuan, representing only 2.39% of revenue, a decrease of 84.96% year-on-year [1]. - The company reported a significant reduction in accounts receivable, down 70.78% to 38.35 million yuan, indicating improved cash flow management [1][3]. - Interest-bearing liabilities decreased by 77.58% to 4.52 million yuan, reflecting a stronger balance sheet [1]. Cash Flow and Investment Insights - Operating cash flow per share was -0.06 yuan, a decrease of 15.66% year-on-year, indicating challenges in cash generation despite improved profitability [1][4]. - The company experienced a 42.87% increase in cash flow from investing activities, attributed to reduced long-term asset investments in the charging service business [3]. - Financing activities saw a dramatic increase of 2608.55% in cash flow, primarily due to new borrowings from major shareholders for raw material purchases [3]. Business Operations and Strategic Developments - The company has expanded its LPG distribution business, which has contributed to the significant revenue growth [3]. - There was a notable increase in inventory levels by 1728.39%, driven by the procurement of raw materials for the LPG business [3]. - The company has also shut down inefficient charging stations, leading to asset disposal gains that significantly impacted financial results [4].