SEWPG(SH:688660) Zheng Quan Zhi Xing·2025-08-27 22:56Core Viewpoint - The recent financial report of Electric Wind Power (688660) shows significant revenue growth but continued net losses, indicating potential challenges in profitability despite operational improvements [1] Financial Performance Summary - Total revenue for the first half of 2025 reached 2.664 billion yuan, a year-on-year increase of 118.61% [1] - The net profit attributable to shareholders was -279 million yuan, an improvement of 27.89% compared to the previous year [1] - In Q2 2025, total revenue was 1.893 billion yuan, up 152.8% year-on-year, while the net profit attributable to shareholders was -91.58 million yuan, an increase of 47.63% [1] - The gross margin was 14.66%, down 9.1% year-on-year, while the net margin improved to -10.71%, a 66.29% increase [1] - Total receivables accounted for 43% of the latest annual revenue, indicating a significant amount of outstanding payments [1] Key Financial Metrics Comparison - Revenue increased from 1.218 billion yuan in 2024 to 2.664 billion yuan in 2025, a growth of 118.61% [1] - The net profit improved from -387 million yuan in 2024 to -279 million yuan in 2025, a 27.89% increase [1] - Cash flow per share improved significantly from -1.90 yuan to 0.16 yuan, a 108.56% increase [1] - The company’s total liabilities decreased by 17.29%, from 4.909 billion yuan to 4.060 billion yuan [1] Operational Strategies - The company plans to enhance cost control through technical improvements in main models, focusing on large-scale and lightweight designs to increase gross margins [3] - Efforts will be made to reduce expenses and improve cash collection management to mitigate operational losses [3] - The company aims to optimize costs in core components such as drive chains and blades through technological advancements [3]