NWF(SH:600975) Zheng Quan Zhi Xing·2025-08-23 22:58Core Viewpoint - New Wufeng (600975) reported strong financial performance for the first half of 2025, with significant increases in revenue and net profit compared to the previous year, indicating improved profitability and operational efficiency [1]. Financial Performance - Total revenue reached 3.688 billion yuan, a year-on-year increase of 14.08% [1] - Net profit attributable to shareholders was 45.2344 million yuan, up 118.32% year-on-year [1] - Gross margin improved to 9.5%, with a year-on-year increase of 1127.89% [1] - Net margin increased to 1.57%, reflecting a year-on-year growth of 121.19% [1] - Operating cash flow per share was 0.48 yuan, up 127.35% year-on-year [1] Cost Management - Total selling, administrative, and financial expenses amounted to 215 million yuan, accounting for 5.82% of revenue, down 18.92% year-on-year [1] - Significant reductions in sales expenses, down 38.22%, due to lower promotional and transportation costs [3] Asset and Liability Management - Accounts receivable decreased by 37.23% to 76.5582 million yuan, attributed to the recovery of frozen meat storage payments [3] - Interest-bearing liabilities decreased by 20.92% to 2.666 billion yuan, due to repayment of bank loans [3] - Cash and cash equivalents decreased by 5.56% to 1.138 billion yuan [1] Investment and Research - The company has increased its R&D expenses by 724.66%, indicating a focus on new projects and innovation [3] - The return on invested capital (ROIC) was reported at 1.04%, with historical averages indicating a need for improvement in capital efficiency [4] Market Position and Sales - The company sold 2.0618 million pigs from January to May 2025, with May sales reaching 387,000 pigs [6] - The leading fund holding the company’s shares is Yinhua Agricultural Industry Stock Fund, with a current scale of 430 million yuan [5]