HHI(SH:601226) Zheng Quan Zhi Xing·2025-08-23 23:29Core Viewpoint - Huadian Technology (601226) reported strong financial performance for the first half of 2025, with significant increases in revenue and net profit compared to the previous year [1] Financial Performance - Total revenue for the first half of 2025 reached 3.858 billion yuan, a year-on-year increase of 31.59% [1] - Net profit attributable to shareholders was 54.0934 million yuan, up 47.07% year-on-year [1] - In Q2 2025, total revenue was 2.361 billion yuan, reflecting a 42.49% increase year-on-year [1] - Q2 net profit attributable to shareholders was 136 million yuan, a slight increase of 1.92% year-on-year [1] Key Financial Metrics - Gross margin was 12.03%, down 9.23% year-on-year [1] - Net margin improved to 1.36%, an increase of 6.58% year-on-year [1] - Total selling, administrative, and financial expenses amounted to 238 million yuan, representing 6.16% of revenue, a decrease of 24.68% year-on-year [1] - Earnings per share rose to 0.05 yuan, a 47.0% increase year-on-year [1] - Cash flow per share was -0.98 yuan, an improvement of 6.67% year-on-year [1] Balance Sheet Highlights - Cash and cash equivalents increased to 1.247 billion yuan, a 7.26% rise [1] - Accounts receivable stood at 2.682 billion yuan, a 3.67% increase [1] - Interest-bearing debt decreased significantly to 51.8582 million yuan, down 68.70% [1] Business Model and Operational Insights - The company's performance is primarily driven by research and development [2] - The cash flow situation is a concern, with cash and cash equivalents only covering 46.12% of current liabilities [2] - Accounts receivable is notably high, reaching 2328.28% of net profit, indicating potential liquidity issues [2]