XJJW(SH:600888) Zheng Quan Zhi Xing·2025-08-27 22:56Core Viewpoint - Xinjiang Zhonghe (600888) reported a revenue increase but a significant decline in net profit for the first half of 2025, indicating challenges in profitability despite higher sales [1] Financial Performance - Total revenue for the first half of 2025 reached 4.003 billion yuan, a year-on-year increase of 10.95% compared to 3.608 billion yuan in 2024 [1] - Net profit attributable to shareholders was 391 million yuan, down 38.48% from 640 million yuan in the previous year [1] - The second quarter saw a revenue of 2.124 billion yuan, up 7.3% year-on-year, but net profit dropped 43.93% to 170 million yuan [1] Profitability Metrics - Gross margin decreased to 9.92%, a decline of 26.69% from 13.53% [1] - Net margin fell to 9.84%, down 44.7% from 17.79% [1] - Total selling, administrative, and financial expenses amounted to 195 million yuan, representing 4.87% of revenue, a decrease of 22.73% year-on-year [1] Cash Flow and Assets - Cash flow per share was 0.22 yuan, down 16.8% from 0.27 yuan [1] - The company reported a net asset value per share of 7.92 yuan, an increase of 6.76% from 7.42 yuan [1] Investment Returns - The company's return on invested capital (ROIC) was 9.13%, indicating average capital returns [2] - Historical data shows a median ROIC of 5.27% over the past decade, with a notably low ROIC of 3.08% in 2015 [2] Fund Holdings - The largest fund holding Xinjiang Zhonghe is the Huaan CSI 1000 Index Enhanced A, with 41,400 shares and a current scale of 0.57 billion yuan [3] - The fund's latest net value was 1.0524 as of August 27, showing a decline of 1.84% from the previous trading day, but a yearly increase of 59.35% [3]