MustangBattery(SH:605378) Zheng Quan Zhi Xing·2025-08-27 22:56Core Viewpoint - Yema Battery (605378) reported mixed financial results for the first half of 2025, with revenue growth but a significant decline in net profit compared to the previous year [1] Financial Performance - Total revenue for the first half of 2025 reached 585 million yuan, an increase of 11.21% year-on-year [1] - Net profit attributable to shareholders was 30.63 million yuan, down 55.13% year-on-year [1] - Gross margin decreased to 14.29%, a decline of 34.09% compared to the previous year [1] - Net margin fell to 5.24%, down 59.65% year-on-year [1] - The company's total receivables accounted for 179.68% of the latest annual net profit, indicating a high level of accounts receivable [7] Cost and Expenses - Total selling, administrative, and financial expenses amounted to 32.98 million yuan, representing 5.64% of revenue, an increase of 25.7% year-on-year [1] - The company reported a significant increase in credit impairment losses by 239.2%, attributed to changes in accounts receivable [4] Asset and Liabilities - Cash and cash equivalents increased by 26.04% to 247 million yuan [1] - Accounts receivable rose by 15.21% to 275 million yuan [1] - The company reported a decrease in trading financial assets by 30.49% due to a reduction in bank wealth management scale [2] Future Outlook - The company plans to commence production at its Vietnam factory in the first quarter of next year, although production costs are expected to be higher than those in domestic facilities [7]