ZTBH(SZ:000957) Zheng Quan Zhi Xing·2025-08-27 22:38Core Viewpoint - Zhongtong Bus (000957) reported strong financial performance for the first half of 2025, with significant increases in revenue and net profit, indicating a positive trend in the company's operations and market position [1][2]. Financial Performance - Total revenue for the first half of 2025 reached 3.941 billion yuan, a year-on-year increase of 43.02% [1] - Net profit attributable to shareholders was 190 million yuan, up 71.61% year-on-year [1] - In Q2 2025, total revenue was 2.248 billion yuan, reflecting a 52.53% increase compared to the same quarter last year [1] - Q2 net profit attributable to shareholders was 114 million yuan, a 66.09% increase year-on-year [1] - Gross margin was 15.38%, down 2.29% year-on-year, while net margin improved to 4.83%, up 19.98% [1] - Total operating expenses were 190 million yuan, accounting for 4.81% of revenue, a decrease of 19.73% year-on-year [1] Accounts Receivable and Cash Flow - Accounts receivable increased to 3.159 billion yuan, representing a 19.98% rise year-on-year, with accounts receivable to net profit ratio at 1266.42% [1][3] - Operating cash flow per share decreased significantly by 90.56% to 0.14 yuan, attributed to increased overseas letters of credit and reduced cash collections [2] Industry Context - The bus industry saw a cumulative sales increase of 6.58% for buses over 6 meters in the first half of 2025, with positive performance in the export market [4] - Zhongtong Bus sold 5,839 buses in the first half of 2025, a 2.38% increase year-on-year, with expectations for continued growth in the second half of the year [4] Investment Insights - The company’s return on invested capital (ROIC) was 7.59%, indicating average capital returns, with a historical median ROIC of 3.12% over the past decade [3] - Analysts project a net profit of 430 million yuan for 2025, with an average earnings per share estimate of 0.72 yuan [3]