JHM(SH:603078) Zheng Quan Zhi Xing·2025-08-23 22:57Core Viewpoint - Jianghuai Microelectronics (江化微) reported mixed financial results for the first half of 2025, with revenue growth but a decline in net profit, indicating potential challenges in profitability despite increased sales [1] Financial Performance - Total revenue for the first half of 2025 reached 580 million yuan, an increase of 11.3% year-on-year [1] - Net profit attributable to shareholders was 48.07 million yuan, a decrease of 15.51% compared to the previous year [1] - In Q2 2025, total revenue was 305 million yuan, up 9.87% year-on-year, while net profit fell by 32.53% to 21.25 million yuan [1] - Gross margin decreased to 25.53%, down 2.45% year-on-year, and net margin fell to 8.28%, down 8.81% year-on-year [1] - The company's accounts receivable accounted for 410.26% of the latest annual net profit, indicating a significant amount of outstanding payments [10] Cost and Expense Analysis - Total selling, administrative, and financial expenses amounted to 65.98 million yuan, representing 11.37% of revenue, an increase of 5.98% year-on-year [1] - Sales expenses rose by 15.43% due to increased market development costs and employee salaries [9] - Financial expenses surged by 143.83% due to increased interest expenses from long-term borrowings [9] Cash Flow and Asset Management - Operating cash flow per share increased significantly by 185.38% to 0.23 yuan, attributed to increased bill payments and the recovery of deposits [1][9] - Cash and cash equivalents decreased by 51.97% to 387 million yuan, indicating potential liquidity concerns [1] Investment and Capital Expenditure - The company’s return on invested capital (ROIC) was 3.12%, indicating weak capital returns, with a historical median ROIC of 4.98% since its listing [9][10] - The company relies heavily on capital expenditure for performance, necessitating careful evaluation of capital projects [10] Fund Holdings - The largest fund holding Jianghuai Microelectronics is the Guoshou Anbao Target Strategy Mixed Fund, which holds 285,800 shares, unchanged from previous reports [10]