新集能源2025年中报简析：净利润同比下降21.72%

Core Insights - New Hope Energy (601918) reported a net profit decline of 21.72% year-on-year for the first half of 2025, with total revenue of 5.811 billion yuan, down 2.91% year-on-year [1] - The company's gross margin decreased by 8.09% to 38.34%, and net margin fell by 19.95% to 17.25% [1] - The company’s operating cash flow per share decreased by 7.32% to 0.63 yuan, and earnings per share dropped by 20.0% to 0.36 yuan [1] Financial Performance - Total revenue for Q2 2025 was 2.901 billion yuan, a decrease of 0.89% year-on-year, while net profit for the same period was 389 million yuan, down 32.79% [1] - The total of selling, administrative, and financial expenses reached 634 million yuan, accounting for 10.9% of revenue, an increase of 3.23% year-on-year [1] Significant Changes in Financial Items - Prepayments increased by 90.28% due to higher material payments [2] - Inventory rose by 57.34% as a result of increased coal stock [2] - Construction in progress increased by 67.74% due to investments in ongoing power plant projects [2] - Short-term borrowings increased by 68.33% as the company took advantage of lower financing rates [2] - Contract liabilities surged by 117.29% due to increased advance coal payments [2] Business Evaluation - The company's return on invested capital (ROIC) was 9.81%, indicating average capital returns [4] - Historical data shows a median ROIC of 7.7% over the past decade, with two years of losses since its IPO, suggesting a fragile business model [4] - The company’s cash flow situation is concerning, with cash and cash equivalents to current liabilities ratio at 38.35% [4] - The debt situation is also a concern, with interest-bearing asset liability ratio at 43.44% [4] Fund Holdings - The largest fund holding New Hope Energy is Wan Jia Selected Mixed A, with 22.66 million shares, which has reduced its position [5] - Other funds such as Tianhong New Value Mixed A and Tianhong Multi-Asset Bond A have newly entered the top ten holdings [5]