TJSMW(SH:600577) Zheng Quan Shi Bao Wang·2025-08-27 01:09Core Viewpoint - The report highlights the robust growth in revenue and net profit for Jingda Co., Ltd. in the first half of 2025, driven by strong core business performance and emerging business opportunities, particularly through its subsidiary Hengfeng Special Conductors [2][3]. Financial Performance - In the first half of 2025, Jingda Co., Ltd. achieved a revenue of 11.856 billion yuan, representing a year-on-year increase of 14.28% [2]. - The net profit attributable to shareholders was 306 million yuan, up 6.03% year-on-year, while the net profit after deducting non-recurring gains and losses was 290 million yuan, reflecting a growth of 6.55% [2]. - Total product sales reached 182,081 tons, marking an 8.60% increase compared to the previous year [2]. - The operating cash flow was 999.5 million yuan, an increase of nearly 1.1 billion yuan from the same period last year, indicating significant improvement in operational efficiency [2][5]. Subsidiary Performance - Hengfeng Special Conductors, a subsidiary of Jingda, showed exceptional performance, with revenue reaching 662 million yuan and net profit hitting 46.41 million yuan in the first half of 2025 [3]. - Compared to the same period last year, Hengfeng's revenue grew approximately 85.96%, and net profit increased by about 47.19% [3]. Globalization Strategy - The successful production launch of Hengfeng's factory in Vietnam marks a significant milestone in the company's globalization strategy, aimed at meeting international customer demands and navigating trade environment changes [4]. - The Vietnam factory has an initial planned capacity of 500 tons of silver-plated high-speed conductors, targeting major clients in the high-speed conductor market [4]. - This strategic move enhances the company's global competitiveness by leveraging local cost advantages and mitigating potential tariff barriers [4]. Operational Quality - The company reported a significant improvement in operational quality, with net cash flow from operating activities turning positive at 999.5 million yuan, a 191.47% increase year-on-year [5]. - Research and development expenses remained stable at 63.74 million yuan, ensuring continued innovation in high-end electromagnetic wires and special conductors [5]. - The combination of traditional business stability and successful entry into high-growth sectors like AI computing positions the company for future growth and value creation for shareholders [5].