ZY-Tungsten(SZ:002378) Zheng Quan Zhi Xing·2025-08-26 23:08Core Viewpoint - Zhangyuan Tungsten Industry (002378) reported a strong performance in its 2025 mid-year report, with significant increases in total revenue and net profit, although some key profitability metrics showed declines [1] Financial Performance - Total revenue reached 2.399 billion yuan, a year-on-year increase of 32.27% [1] - Net profit attributable to shareholders was 115 million yuan, up 2.54% year-on-year [1] - In Q2 alone, total revenue was 1.213 billion yuan, reflecting a 29.05% increase year-on-year, while net profit for the quarter was 72.54 million yuan, down 14.71% year-on-year [1] - Gross margin was 14.14%, down 18.33% year-on-year, and net margin was 4.79%, down 22.03% year-on-year [1] - Total operating expenses were 159 million yuan, accounting for 6.62% of revenue, a decrease of 18.7% year-on-year [1] Balance Sheet Highlights - Accounts receivable increased by 20.30% to 826 million yuan, representing 480.34% of the latest annual net profit [1][5] - Cash and cash equivalents decreased by 19.33%, influenced by customer credit policies and cash dividends [3] - Interest-bearing liabilities decreased by 6.65% to 1.961 billion yuan [1] Cash Flow Analysis - Operating cash flow per share was 0.17 yuan, a significant increase of 466.18% year-on-year [1] - Net cash flow from operating activities increased due to higher revenue and changes in payment methods for raw materials [4] Investment and R&D - R&D expenses increased by 35.01%, indicating a commitment to new product development [4] - The company’s return on invested capital (ROIC) was 6.19%, which is considered average, with historical data showing a median ROIC of 3.65% over the past decade [4] Fund Holdings - The largest fund holding Zhangyuan Tungsten is Guotai Junan CSI 1000 Preferred Stock Initiation A, with a current scale of 155 million yuan and a recent net value of 1.5859 [5]