HODGEN(SZ:300279) Zheng Quan Zhi Xing·2025-08-23 22:58Core Viewpoint - The recent financial report of Hejing Technology (300279) shows a decline in total revenue but an increase in net profit, indicating mixed performance in the company's financial health and operational efficiency [1]. Financial Performance - Total revenue for the first half of 2025 was 921 million yuan, a decrease of 13.7% compared to 1.067 billion yuan in the same period of 2024 [1]. - Net profit attributable to shareholders reached 43.87 million yuan, an increase of 38.53% from 31.67 million yuan in the previous year [1]. - The gross profit margin improved to 16.92%, up 2.13% year-on-year, while the net profit margin increased significantly by 61.63% to 4.75% [1]. - The company reported a significant increase in accounts receivable, which accounted for 1030.08% of the latest annual net profit [1][4]. Cash Flow and Debt Management - The company’s cash flow from operating activities showed a decline, with operating cash flow per share at 0.23 yuan, down 22.34% year-on-year [1]. - Long-term borrowings decreased by 65.85%, attributed to the reclassification of some long-term loans to current liabilities [3]. - Financial expenses dropped by 93.27%, due to repayment of bank loans and lower interest rates [3]. Investment and Market Position - The company's return on invested capital (ROIC) was reported at 4.75%, indicating weak capital returns historically, with a median ROIC of 3.65% over the past decade [3]. - The business model relies heavily on research and development, which requires careful analysis of the underlying drivers [3]. Shareholder Information - The largest fund holding Hejing Technology is the Dongfang Quantitative Growth Flexible Allocation Mixed A, which reduced its holdings to 52,400 shares [5].