振华风光2025年中报简析：净利润同比下降73.03%，三费占比上升明显

Core Viewpoint - The financial performance of Zhenhua Wind Power (688439) for the first half of 2025 shows significant declines in revenue and net profit, indicating challenges in the market and increased operational costs [1][6]. Financial Performance Summary - Total revenue for the first half of 2025 was 465 million yuan, a decrease of 23.9% compared to 611 million yuan in the same period of 2024 [1]. - Net profit attributable to shareholders was 62.37 million yuan, down 73.03% from 231 million yuan in the previous year [1]. - The gross margin decreased to 56.53%, down 16.18% year-on-year, while the net margin fell to 12.4%, a decline of 67.03% [1]. - The total of selling, administrative, and financial expenses reached 69.4 million yuan, accounting for 14.94% of total revenue, an increase of 56.13% year-on-year [1][8]. Cash Flow and Asset Management - Operating cash flow per share increased significantly by 462.71% to 0.83 yuan, attributed to improved cash collection from sales and reduced cash payments for purchases [1][8]. - Cash and cash equivalents decreased by 57.25% to 593 million yuan, while accounts receivable increased by 7.67% to 1.806 billion yuan [1][3]. - The company reported a 50.94% decrease in notes receivable, indicating a shift towards cash transactions [3]. Cost Structure and Expenses - Sales expenses rose by 19.78% due to increased promotional activities for new products [8]. - Financial expenses surged by 97.60%, primarily due to reduced idle funds and lower interest income from bank deposits [8]. - Research and development expenses increased by 7.98%, reflecting a higher average number of R&D personnel and increased material usage for new product validation [8]. Investment and Future Outlook - The company’s return on invested capital (ROIC) was reported at 6.77%, indicating average capital returns, with a historical median ROIC of 21.23% since its listing [10]. - Analysts project a revenue of 315 million yuan for 2025, with an expected earnings per share of 1.57 yuan [10]. Fund Holdings - The largest fund holding Zhenhua Wind Power is the Yinhua Small and Medium Cap Mixed Fund, which has increased its holdings [11].