Core Viewpoint - Tongxingbao (301339) reported a revenue increase of 18.61% year-on-year for the first half of 2025, with total revenue reaching 389 million yuan and net profit rising by 0.66% to 107 million yuan [1] Financial Performance - Total revenue for the second quarter of 2025 was 224 million yuan, reflecting a year-on-year increase of 27.82 [1] - The net profit for the second quarter was 59.39 million yuan, showing a decline of 3.01% year-on-year [1] - The gross profit margin decreased to 49.31%, down 5.11% year-on-year, while the net profit margin fell to 28.27%, a decrease of 13.98% [1] - Total operating expenses (sales, management, and financial expenses) amounted to 73.14 million yuan, accounting for 18.78% of revenue, an increase of 5.12% year-on-year [1] - Earnings per share remained stable at 0.19 yuan, with a slight increase of 0.64% year-on-year [1] Balance Sheet Highlights - The company reported a significant increase in accounts receivable, which reached 216 million yuan, up 3.07% year-on-year, and accounted for 102.94% of net profit [1][2] - Cash and cash equivalents decreased by 34.81% year-on-year to 105 million yuan [1] - The company’s net asset per share decreased by 26.90% to 4.67 yuan [1] Investment Insights - The company's return on invested capital (ROIC) for the previous year was 6.92%, indicating average capital returns [1] - Historical data shows a median ROIC of 10.49% since the company went public, with the lowest ROIC recorded at 5.2% in 2022 [1] - Analysts project a revenue of 338 million yuan for 2025, with an average earnings per share estimate of 0.58 yuan [2] Fund Holdings - The largest fund holding Tongxingbao is the Nuon Innovation-Driven Mixed A fund, which holds 2.5168 million shares [3] - Other notable funds include Xin'ao Core Technology Mixed A and Shenwan Lingshin Intelligent Automotive Stock A, which have increased their holdings [3]
通行宝2025年中报简析：营收净利润同比双双增长，公司应收账款体量较大