SIASUN(SZ:300024) Xin Lang Cai Jing·2025-08-25 09:38Core Viewpoint - The company has demonstrated robust growth in the first half of 2025, with significant increases in revenue and net profit, despite facing external challenges and industry competition [2][4]. Financial Performance - The company achieved operating revenue of 3.507 billion yuan, a year-on-year increase of 4.33%, with main business revenue reaching 3.226 billion yuan, up 11.08% [2]. - The net profit attributable to shareholders was 305 million yuan, reflecting a substantial year-on-year growth of 154.81%, while the net profit after deducting non-recurring gains and losses surged by 588.18% to 234 million yuan [2]. Export and Sales - The company reported overseas sales revenue of 513 million yuan, a decline of 13.58%, although sales to the United States increased by 45.10% to 217 million yuan [3]. - In the first half of 2025, sales in the new energy vehicle and auto parts sector amounted to 1.675 billion yuan, with a sales volume growth of 28.14% [4]. Production Capacity and Structure - The company’s actual production capacity for rare earth permanent magnet materials reached 32,000 tons in 2024, with plans to expand to 60,000 tons by 2027 [4]. - The revenue structure for the first half of 2025 included 1.05 billion yuan from variable frequency air conditioning, 214 million yuan from wind power generation, and 133 million yuan from robotics and industrial servo motors [4]. Raw Material Supply and Inventory - The company has established long-term strategic partnerships with major rare earth suppliers, with 70% of procurement coming from these suppliers [6]. - As of the reporting period, raw material inventory was valued at 1.158 billion yuan, a 107.02% increase from the end of 2024 [6]. Cash Reserves and Financial Management - The company reported cash reserves of 1.653 billion yuan, along with significant amounts in time deposits and large-denomination certificates of deposit [8]. - The company successfully issued convertible bonds, raising a net amount of 115 million USD, enhancing its financial stability [8]. Dividend Policy - The company has consistently paid cash dividends since its listing, with cumulative cash dividends exceeding 1.2 billion yuan, representing over 47% of the cumulative net profit attributable to shareholders [9]. - For the first half of 2025, the company plans to distribute cash dividends of 1.80 yuan per share, totaling approximately 247 million yuan, which is 81% of the net profit for the period [9].