Sanmei(SH:603379) Zheng Quan Zhi Xing·2025-08-23 22:45Core Viewpoint - Sanmei Co., Ltd. reported strong financial performance for the first half of 2025, with significant increases in revenue and net profit, indicating robust growth and improved profitability metrics [1]. Financial Performance - Total revenue reached 2.828 billion yuan, a year-on-year increase of 38.58% [1] - Net profit attributable to shareholders was 999.5 million yuan, up 159.22% year-on-year [1] - In Q2 alone, revenue was 1.616 billion yuan, reflecting a 49.36% increase year-on-year, while net profit for the quarter was 594 million yuan, up 158.98% [1] - Gross margin improved to 49.5%, with a year-on-year increase of 83.96%, and net margin reached 34.96%, up 85.89% [1] Cost and Expenses - Total selling, administrative, and financial expenses amounted to 107 million yuan, accounting for 3.8% of revenue, which is a 142.49% increase year-on-year [1] - Operating cash flow per share increased significantly to 1.55 yuan, a 487.5% rise year-on-year [1] - Earnings per share rose to 1.63 yuan, marking a 158.73% increase year-on-year [1] Changes in Financial Items - Accounts receivable increased by 71.75% due to rising sales prices [2] - Prepayments surged by 157.61% due to increased advance payments for design fees, software fees, and goods [4] - Other receivables decreased by 22.03% as land guarantee deposits were recovered [5] - Long-term equity investments rose by 28.46% due to increased capital contributions and investment income [5] - Construction in progress increased by 45.19% due to significant investments in fluoropolymer projects [5] Liabilities and Cash Flow - Accounts payable increased by 50.42% due to higher payable engineering, equipment, and goods [7] - Contract liabilities surged by 43.99% due to increased advance payments for goods [9] - Tax liabilities rose by 168.3% as a result of increased operating income and corresponding taxes [9] - Net cash flow from operating activities increased by 487.5% due to higher cash receipts from sales [18] - Financing cash flow increased by 188.07% due to higher bank borrowings and employee stock plan contributions [19] Investment and Market Position - The company's return on invested capital (ROIC) was 11.11%, indicating average capital returns [20] - Analysts expect 2025 performance to reach 2.08 billion yuan, with an average earnings per share forecast of 3.41 yuan [22] - The largest fund holding in Sanmei Co., Ltd. is the E Fund Innovation Growth Mixed Fund, with a current scale of 2.268 billion yuan [23]