NOVEL(SZ:002014) Zheng Quan Zhi Xing·2025-08-26 23:09Core Viewpoint - Yongxin Co., Ltd. reported a revenue of 1.746 billion yuan for the first half of 2025, reflecting a year-on-year increase of 5.78%, with a net profit of 183 million yuan, up 1.72% year-on-year [1] Financial Performance - Total revenue for Q2 2025 reached 898 million yuan, a 10.07% increase year-on-year [1] - Net profit for Q2 2025 was 94.35 million yuan, showing a 0.65% increase year-on-year [1] - The gross profit margin decreased to 21.18%, down 5.38% year-on-year, while the net profit margin fell to 10.55%, down 4.4% year-on-year [1] - Total operating expenses (selling, administrative, and financial) amounted to 90.33 million yuan, representing 5.17% of revenue, a decrease of 12.53% year-on-year [1] - Earnings per share (EPS) increased to 0.30 yuan, up 3.45% year-on-year, while operating cash flow per share was -0.18 yuan, a significant decrease of 151.28% year-on-year [1] Balance Sheet and Debt - Accounts receivable increased to 671 million yuan, a 14.41% rise year-on-year, with accounts receivable accounting for 143.18% of net profit [1][2] - Interest-bearing debt rose to 746 million yuan, a 10.23% increase year-on-year [1] Investment Insights - The company's return on invested capital (ROIC) was 13.9% last year, indicating strong capital returns, with a historical median ROIC of 13.32% over the past decade [1] - Analysts project a performance of 504 million yuan for 2025, with an average EPS estimate of 0.82 yuan [2] Fund Holdings - The largest fund holding Yongxin shares is the Baoying Emerging Industry Mixed A fund, which holds 5.78 billion yuan in assets and has seen a 58.39% increase over the past year [3]