恒润股份2025年中报简析：营收净利润同比双双增长，存货明显上升

Core Viewpoint - Hengrun Co., Ltd. (603985) reported significant growth in its financial performance for the first half of 2025, with total revenue reaching 2.073 billion yuan, a year-on-year increase of 223.44%, and a net profit of 40.1665 million yuan, up 225.67% compared to the previous year [1] Financial Performance Summary - Total revenue for the first half of 2025 was 2.073 billion yuan, compared to 641 million yuan in the same period of 2024, reflecting a growth of 223.44% [1] - The net profit attributable to shareholders was 40.1665 million yuan, a significant turnaround from a loss of 31.9623 million yuan in the previous year, marking a year-on-year increase of 225.67% [1] - The gross profit margin improved to 8.21%, up 137.99% from 3.45% in the previous year, while the net profit margin turned positive at 2.03%, compared to a negative 4.99% previously [1] - Selling, general, and administrative expenses totaled 59.0485 million yuan, accounting for 2.85% of revenue, a decrease of 64.34% year-on-year [1] - Earnings per share rose to 0.09 yuan, compared to a loss of 0.07 yuan in the previous year, representing a year-on-year increase of 225.66% [1] Inventory and Cash Flow Analysis - Inventory levels increased significantly, with a year-on-year growth of 35.69% [1] - Operating cash flow per share was -0.25 yuan, a decline of 293.68% compared to the previous year [1] - The company experienced a 36.88% increase in cash and cash equivalents, attributed to increased financing as business scales up [3] Changes in Financial Items - Accounts receivable rose by 62.17%, indicating increased sales activity [3] - The company reported a 110.72% increase in interest-bearing liabilities, reflecting higher borrowing levels [3] - Prepayments surged by 181.59%, primarily due to increased advance payments for steel and equipment [3] Investment and Operational Insights - The company’s investment income increased by 124.81%, driven by distributions from a partnership investment [4] - The company faced a significant increase in long-term liabilities, with a 590.82% rise in long-term payables due to financing lease obligations [3] - The operational cash flow showed a negative trend, with net cash flow from operating activities declining by 293.68% [4]