新中港2025年中报简析：净利润同比下降4.62%，盈利能力上升

Core Insights - New Zhonggang (605162) reported a total revenue of 364 million yuan for the first half of 2025, a year-on-year decrease of 17.74%, with a net profit attributable to shareholders of 61.81 million yuan, down 4.62% year-on-year [1] - In Q2, the company generated a revenue of 190 million yuan, a decline of 15.08% year-on-year, while the net profit attributable to shareholders increased by 17.7% to 46.36 million yuan [1] - The company's profitability improved, with a gross margin increase of 13.43% to 31.61% and a net margin increase of 16.56% to 16.88% [1] Financial Performance - Total operating expenses, including sales, management, and financial expenses, amounted to 26.99 million yuan, representing 7.41% of revenue, an increase of 27.16% year-on-year [1] - Earnings per share decreased by 6.25% to 0.15 yuan, while the net asset per share increased by 5.98% to 3.17 yuan [1] - Operating cash flow per share rose significantly by 134.48% to 0.51 yuan [1] Significant Financial Changes - Cash and cash equivalents decreased by 49.89% due to increased purchases of structured deposits [2] - Trading financial assets increased by 149.61%, also attributed to the purchase of structured deposits [3] - Inventory decreased by 51.32% due to reduced coal inventory and lower coal prices [5] - Construction in progress surged by 4076.82% due to increased investment in the 2 unit upgrade project [6] - Other non-current assets rose by 276.38% due to increased prepayments for engineering equipment [8] Liabilities and Expenses - Accounts payable decreased by 58.14% as the company paid off equipment payables [9] - Employee compensation payable dropped by 44.42% due to the payment of last year's accrued bonuses [10] - Non-current liabilities due within one year fell by 71.92% as the company repaid bank loans [11] - Deferred income increased by 101.48% due to higher government subsidies related to assets [12] Operational Metrics - The company's return on invested capital (ROIC) was 9.6%, indicating average capital returns, while the net profit margin was 16.7%, suggesting high added value for products or services [12] - Historical data shows a median ROIC of 18.25% since the company went public, with the lowest ROIC recorded in 2022 at 9.18% [12] - The company has a debt ratio of 20.37% for interest-bearing liabilities, and accounts receivable have reached 109.99% of profits, indicating potential concerns in these areas [13]