Lontium(SH:688486) Zheng Quan Zhi Xing·2025-08-23 22:57Core Viewpoint - Longxun Co., Ltd. (688486) reported a strong performance in its 2025 mid-year financial results, with significant increases in revenue and net profit compared to the previous year. Financial Performance Summary - Total revenue reached 247 million yuan, an increase of 11.35% year-on-year [1] - Net profit attributable to shareholders was 71.52 million yuan, up 15.16% year-on-year [1] - In Q2 alone, total revenue was 138 million yuan, reflecting a 17.42% increase year-on-year, while net profit for the quarter was 43.01 million yuan, a 38.32% increase [1] - Gross margin improved to 54.88%, up 0.4% year-on-year, and net margin increased to 28.96%, up 3.42% year-on-year [1] - Total expenses (selling, administrative, and financial) amounted to 24.30 million yuan, accounting for 9.84% of revenue, a 29.05% increase year-on-year [1] - Earnings per share rose to 0.54 yuan, a 14.89% increase year-on-year, while operating cash flow per share surged to 0.39 yuan, a remarkable increase of 7507.23% [1] Key Financial Changes - Cash and cash equivalents decreased by 65.16% to 22.30 million yuan due to investment in financial products [1] - Accounts receivable increased by 17.21% to 32.97 million yuan [1] - Interest-bearing liabilities decreased by 46.78% to 266,000 yuan [1] - Prepayments increased significantly by 152.62%, attributed to advance payments for wafer procurement [2] - Other current assets increased due to prepaid corporate income tax [3] - Intangible assets surged by 479.82% due to land and EDA purchases [4] - Deferred tax assets rose by 37.31% due to increased share-based payments [5] - Accounts payable increased by 156.81% due to higher material payables [6] - Employee compensation payables decreased by 33.69% due to differences in bonus accruals [7] - Taxes payable decreased by 71.42% due to reduced corporate income tax [8] - Other payables increased by 39.7% due to agent deposits [9] - Management expenses rose by 32.31% due to changes in employee compensation and increased depreciation [10] - Financial expenses increased by 141.94% due to reduced interest income compared to the previous year [11] Investment Insights - The company's return on invested capital (ROIC) was 10.02%, indicating average capital returns, while the net profit margin was high at 30.99%, suggesting strong product or service value [11] - Analysts expect the company's 2025 performance to reach 206 million yuan, with an average earnings per share forecast of 1.55 yuan [11] - The company is held by a prominent fund manager, Dong Jizhou from Taixin Fund, who has recently increased his stake [12] - The largest fund holding Longxun shares is Taixin Small and Medium Cap Selected Mixed Fund, with a scale of 1.836 billion yuan and a recent net value increase of 2.94% [15]