SHANTUI(SZ:000680) Zheng Quan Zhi Xing·2025-08-25 01:13Core Viewpoint - The financial performance of Shantui Construction Machinery Co., Ltd. (山推股份) for the first half of 2025 shows a positive trend with revenue and net profit growth, indicating improved profitability and operational efficiency [1][2]. Financial Performance Summary - Total revenue for the first half of 2025 reached 7.004 billion yuan, a year-on-year increase of 3.02% compared to 6.798 billion yuan in the same period of 2024 [1]. - Net profit attributable to shareholders was 568 million yuan, up 8.78% from 522 million yuan in the previous year [1]. - The gross profit margin improved to 20.16%, reflecting a year-on-year increase of 5.59% [1]. - The net profit margin also increased to 8.13%, up 5.39% from the previous year [1]. Cost and Expense Analysis - Operating costs rose by 1.66%, attributed to market structure adjustments and increased overseas revenue [2]. - Total selling, administrative, and financial expenses amounted to 458 million yuan, representing 6.55% of revenue, which is a 13.97% increase year-on-year [1]. Asset and Liability Changes - Accounts receivable increased by 29.48% to 5.412 billion yuan due to higher sales [3]. - Interest-bearing liabilities surged by 215.81% to 2.45 billion yuan, indicating a significant increase in borrowing [1][3]. - Cash and cash equivalents decreased by 90.58%, primarily due to increased external investments [6]. Investment and Cash Flow Insights - The net cash flow from operating activities decreased by 16.7%, influenced by higher salary and tax payments [6]. - The company’s return on invested capital (ROIC) was reported at 14.06%, indicating strong capital returns [6]. Market Position and Fund Holdings - The most significant fund holding Shantui shares is the Huaxia Classic Mixed Fund, with a scale of 1.959 billion yuan and a recent net value increase of 0.58% [5]. - Analysts expect the company's performance for 2025 to reach 1.351 billion yuan, with an average earnings per share of 0.9 yuan [4].