Xiantong Stock(SH:603239) Zheng Quan Zhi Xing·2025-08-26 23:09Core Insights - Zhejiang Xiantong (603239) reported a total revenue of 672 million yuan for the first half of 2025, representing a year-on-year increase of 21.1% [1] - The net profit attributable to shareholders reached 107 million yuan, up 17.1% year-on-year [1] - The company has a significant accounts receivable issue, with accounts receivable amounting to 271.86% of the net profit [1] Financial Performance - Total revenue for Q2 2025 was 329 million yuan, a 15.26% increase year-on-year [1] - Q2 net profit attributable to shareholders was approximately 40.35 million yuan, a 2.25% increase year-on-year [1] - Gross margin decreased to 29.94%, down 2.85% year-on-year, while net margin fell to 15.93%, down 3.31% year-on-year [1] Expense Analysis - Total selling, administrative, and financial expenses amounted to 54.47 million yuan, accounting for 8.11% of revenue, an increase of 2.63% year-on-year [1] - Significant changes in financial items include a 54.6% decrease in cash and cash equivalents due to reduced bank deposits [1][2] Accounts and Liabilities - Accounts receivable increased by 22.86% to 467 million yuan [1] - Interest-bearing liabilities surged by 130.76% to 360,900 yuan [1] - The company reported a 161.64% increase in accounts payable due to an increase in outstanding acceptance bills [5] Cash Flow and Returns - Operating cash flow per share improved to 0.01 yuan, a 138.33% increase year-on-year [1] - The company's return on invested capital (ROIC) was 15.3%, indicating strong capital returns [7] - Historical data shows a median ROIC of 14.88% since the company went public, with a notable low of 9.24% in 2019 [7] Analyst Expectations - Analysts project a total profit of 252 million yuan for 2025, with an average earnings per share of 0.93 yuan [7]