JJHB(SH:603279) Zheng Quan Zhi Xing·2025-08-27 22:29Core Viewpoint - The financial performance of Jingjin Equipment (603279) for the first half of 2025 shows a decline in both revenue and net profit, indicating challenges in sales and profitability [1]. Financial Performance Summary - Total revenue for the period reached 2.826 billion yuan, a year-on-year decrease of 9.62% [1]. - Net profit attributable to shareholders was 328 million yuan, down 28.51% year-on-year [1]. - In Q2 alone, total revenue was 1.42 billion yuan, a decline of 12.33% compared to the same quarter last year [1]. - Q2 net profit attributable to shareholders was 161 million yuan, reflecting a 30.02% decrease year-on-year [1]. - The gross profit margin was 25.89%, down 11.99% year-on-year, while the net profit margin was 11.6%, a decrease of 20.9% [1]. - Total sales, administrative, and financial expenses amounted to 213 million yuan, accounting for 7.52% of revenue, an increase of 16.94% year-on-year [1]. - Earnings per share were 0.57 yuan, down 28.75% year-on-year [1]. Significant Financial Changes - The change in trading financial assets was 99.78%, attributed to an increase in structured deposit balances [2]. - Prepayments increased by 355.24%, due to higher material procurement payments [3]. - Accounts payable rose by 315.0%, linked to an increase in bank acceptance bills issued [5]. - Tax payables decreased by 39.54%, due to reduced operating income [6]. - Other payables dropped by 76.73%, as the obligation for restricted stock repurchase decreased [7]. - Non-current liabilities due within one year increased by 296.08%, due to a rise in long-term borrowings maturing within the year [8]. Cash Flow and Investment Insights - Operating cash flow per share increased by 59.06% to 0.74 yuan, reflecting improved procurement management [1][12]. - Investment cash flow decreased by 60.88%, primarily due to increased purchases of structured deposits [12]. - Financing cash flow increased by 45.95%, as cash dividends paid decreased [12]. - Other income rose by 46.06%, attributed to higher government subsidies received [12]. Business Evaluation - The company's return on invested capital (ROIC) was 17.21%, indicating strong capital returns [13]. - The net profit margin was 13.84%, suggesting high added value in products or services [13]. - The company has a healthy cash asset position, with a cash-to-current liabilities ratio of 51.75% [13]. Fund Holdings - The largest fund holding Jingjin Equipment is the Southern Craftsman Preferred Stock A, with a scale of 2.745 billion yuan and a recent net value of 0.86, down 1.67% from the previous trading day [14].