驰宏锌锗2025年中报简析：营收净利润同比双双增长

Core Viewpoint - Chihong Zn & Ge Co., Ltd. reported a year-on-year increase in both revenue and net profit for the first half of 2025, indicating positive financial performance and operational efficiency [1] Financial Performance - Total revenue reached 10.581 billion yuan, up 7.67% year-on-year - Net profit attributable to shareholders was 932 million yuan, an increase of 3.27% year-on-year - In Q2 2025, revenue was 5.437 billion yuan, reflecting a 5.47% increase year-on-year, while net profit was 438 million yuan, up 5.45% year-on-year [1] Key Financial Metrics - Gross margin improved to 19.77%, a rise of 11.41% year-on-year - Net margin decreased to 8.75%, down 4.24% year-on-year - Total expenses (selling, administrative, and financial) amounted to 627 million yuan, accounting for 5.92% of revenue, an increase of 11.57% year-on-year - Earnings per share remained at 0.18 yuan, with a year-on-year increase of 3.27% [1] Changes in Financial Items - Cash and cash equivalents decreased by 36.09% due to enhanced cash management and reduced idle funds - Accounts receivable increased by 73.41% due to higher zinc alloy sales with pending collections - Inventory decreased by 20.07% as a result of improved inventory management - Short-term borrowings decreased by 60.71% due to reduced financing scale [3][4][5] Operational Efficiency - The company achieved a net cash flow from operating activities increase of 34.73%, attributed to effective operational strategies and enhanced value creation [5] - The return on invested capital (ROIC) was reported at 5.79%, indicating average capital returns [6] Future Outlook - Analysts expect the company's performance in 2025 to reach 1.938 billion yuan, with an average earnings per share forecast of 0.38 yuan [7] - The company anticipates a slight increase in mining costs due to operational changes but expects overall costs to remain competitive within the industry [7]