Jiuyuan Yinhai(SZ:002777) Zheng Quan Zhi Xing·2025-08-25 22:23Core Viewpoint - JiuYuan YinHai (002777) reported strong financial performance for the first half of 2025, with significant increases in revenue and net profit compared to the previous year [1][2]. Financial Performance Summary - Total revenue for the first half of 2025 reached 439 million yuan, an increase of 11.33% year-on-year [1]. - Net profit attributable to shareholders was 29.95 million yuan, up 160.02% year-on-year [1]. - The second quarter alone saw total revenue of 232 million yuan, a 16.32% increase year-on-year, and net profit of 15.05 million yuan, a staggering increase of 1354.05% [1]. - Gross margin improved to 43.98%, up 12.16% year-on-year, while net margin rose to 6.59%, reflecting a 525.74% increase [1]. - The company's total expenses (sales, management, and financial) amounted to 107 million yuan, accounting for 24.25% of revenue, a decrease of 12.38% year-on-year [1]. Key Financial Metrics - Earnings per share (EPS) increased to 0.07 yuan, a rise of 133.33% year-on-year [1]. - Operating cash flow per share improved to -0.17 yuan, a 34.79% increase year-on-year [1]. - The company's receivables were notably high, with accounts receivable reaching 607.91% of net profit [1][3]. Changes in Financial Items - Cash and cash equivalents decreased by 51.79% due to increased time deposits and dividend payments [2]. - Inventory increased by 37.74% as a result of expanded business operations [2]. - Financial expenses rose by 43.58% due to decreased interest income from bank deposits [2]. - The total profit increased by 383.23%, driven by improved project gross margins [2]. Investment Insights - The company’s return on invested capital (ROIC) was 4.46%, indicating a relatively weak capital return compared to its historical median of 15.64% [3]. - Analysts expect the company's performance for 2025 to reach 105 million yuan, with an average EPS forecast of 0.26 yuan [3]. Fund Holdings - The largest fund holding JiuYuan YinHai is the Golden Eagle Medical Health Industry A fund, which has recently entered the top ten holdings with 992,600 shares [4].