NEW JCM(SZ:300157) Zheng Quan Zhi Xing·2025-08-27 22:56Core Viewpoint - New Energy Power (300157) reported a significant decline in total revenue for the first half of 2025, while net profit showed a substantial increase, indicating mixed financial performance [1] Financial Performance - Total revenue for the reporting period was 208 million, a year-on-year decrease of 38.85% [1] - Net profit attributable to shareholders was 25.25 million, a year-on-year increase of 134.63% [1] - Gross margin was 30.21%, up 31.45% year-on-year, while net margin reached 14.02%, an increase of 166.24% [1] - Operating expenses (sales, management, and financial expenses) totaled 86.32 million, accounting for 41.46% of total revenue, with a year-on-year increase of 46.45% [1] Cash Flow and Debt - Net cash flow from operating activities decreased by 246.48%, attributed to increased payments to suppliers due to rising orders [8] - Cash and cash equivalents increased by 83.17%, driven by a significant rise in financing activities [9] - Short-term borrowings rose by 43.9% due to new bank loans [2] Asset and Liability Changes - Contract assets increased by 35.03% due to an increase in project warranty deposits [2] - Long-term payables changed due to a debt restructuring agreement with Zhongguancun Mother Fund, extending repayment to 2028 [4] - Other receivables decreased by 34.71% due to the conversion of performance bonds into repayments [2] Investment and R&D - R&D expenses decreased by 52.24% due to project progress discrepancies [8] - Investment activities saw a significant cash outflow, decreasing by 802.48% due to increased equipment purchases [8] Historical Performance - The company has a poor historical return on invested capital (ROIC), with a median of -19.03% over the past decade and a worst year of -68.47% in 2021 [10] - The company has reported losses in 7 out of 14 annual reports since its listing, indicating a generally weak financial history [10]