恒立液压（601100）2025年中报简析：营收净利润同比双双增长，盈利能力上升

Core Viewpoint - Hengli Hydraulic (601100) reported a solid performance in its 2025 mid-year financial results, with significant increases in revenue and net profit compared to the previous year [1][3]. Financial Performance - Total revenue reached 5.171 billion yuan, a year-on-year increase of 7.0% [1] - Net profit attributable to shareholders was 1.429 billion yuan, up 10.97% year-on-year [1] - In Q2 alone, revenue was 2.749 billion yuan, reflecting an 11.24% increase year-on-year, while net profit for the quarter was 812 million yuan, up 18.31% [1] - Gross margin improved to 41.85%, a 0.79% increase year-on-year, and net margin rose to 27.7%, up 3.78% [1] Cost and Efficiency Metrics - Total selling, administrative, and financial expenses amounted to 132 million yuan, representing only 2.56% of revenue, a significant decrease of 42.62% year-on-year [1] - Earnings per share (EPS) increased to 1.07 yuan, a rise of 11.46% year-on-year [1] - Operating cash flow per share was 0.46 yuan, up 13.25% year-on-year [1] Asset and Liability Management - Cash and cash equivalents increased to 8.467 billion yuan, a growth of 11.8% year-on-year [1] - Accounts receivable rose to 1.643 billion yuan, a 10.3% increase [1] - Interest-bearing debt significantly decreased to 32.464 million yuan, down 83.88% [1] Changes in Financial Items - Trading financial assets decreased by 46.61% due to the maturity of foreign exchange swap products and fair value changes [3] - Prepayments increased by 60.75% due to higher material purchases for factories in Mexico and other locations [3] - Other receivables rose by 65.01% due to increased land guarantee deposits [3] - Management expenses increased by 32.89% due to a rise in employee numbers and salaries [3] - Financial expenses saw a significant decrease of 162.09% due to increased exchange gains [3] Market Expectations - Analysts expect the company's performance for 2025 to reach 2.844 billion yuan, with an average EPS forecast of 2.12 yuan [4] Fund Holdings - The largest fund holding Hengli Hydraulic is the Yuanxin Yongfeng Xingnuo Mixed Fund, which has increased its position [5] - Other funds such as Biedel Rui Law No. and Hongde Ruiyuan Mixed Fund have also increased their holdings [5]