Core Viewpoint - New Asia Cable (001382) reported mixed financial results for the first half of 2025, with significant revenue growth but a slight decline in net profit [1] Financial Performance - Total revenue for the first half of 2025 reached 1.518 billion yuan, an increase of 28.98% year-on-year [1] - Net profit attributable to shareholders was 55.05 million yuan, a decrease of 0.42% compared to the previous year [1] - In Q2 2025, total revenue was 912 million yuan, up 51.29% year-on-year, while net profit was 24.78 million yuan, down 4.73% [1] Key Financial Ratios - Gross margin was 9.34%, down 6.25% year-on-year [1] - Net margin was 3.63%, a decline of 22.80% compared to the previous year [1] - Total expenses (selling, administrative, and financial) amounted to 52.38 million yuan, accounting for 3.45% of revenue, a decrease of 2.06% year-on-year [1] Balance Sheet Highlights - Cash and cash equivalents increased by 274.49% to 559 million yuan due to funds raised from stock issuance [3] - Accounts receivable rose by 15.70% to 764 million yuan, representing 566.2% of net profit [1][4] - Interest-bearing debt increased by 103.76% to 210 million yuan, reflecting higher short-term financing needs [1] Operational Insights - The company’s return on invested capital (ROIC) was 10.98%, indicating average capital returns [4] - The net profit margin was 4.76%, suggesting low added value in products or services [4] - The company has a healthy cash position, but concerns exist regarding cash flow and accounts receivable management [4]
新亚电缆2025年中报简析：增收不增利，公司应收账款体量较大