聚合顺（605166）2025年中报简析：净利润同比下降27.6%

Core Viewpoint - The financial report of Juhe Shun (605166) for the first half of 2025 shows a significant decline in both revenue and net profit, indicating potential challenges in the company's operational performance and market conditions [1]. Financial Performance - Total revenue for the first half of 2025 was 3.03 billion yuan, a decrease of 13.87% compared to the same period in 2024 [1]. - Net profit attributable to shareholders was 111 million yuan, down 27.6% year-on-year [1]. - In Q2 2025, total revenue was 1.467 billion yuan, reflecting a year-on-year decline of 21.93% [1]. - Q2 net profit attributable to shareholders was approximately 29.83 million yuan, a decrease of 63.87% compared to the previous year [1]. - Gross margin was 7.4%, down 9.98% year-on-year, while net margin was 4.09%, down 21.42% [1]. - Total expenses (selling, administrative, and financial) amounted to 2.2447 million yuan, representing an increase of 147.28% year-on-year [1]. Key Financial Ratios - Earnings per share (EPS) decreased to 0.35 yuan, down 27.08% year-on-year [1]. - The company's return on invested capital (ROIC) was 12.11% last year, indicating strong capital returns [3]. - The average operating cash flow per share was 0.36 yuan, an increase of 95.12% year-on-year [1]. Changes in Financial Items - Prepayments decreased by 36.82% due to reduced payments to suppliers [4]. - Deferred tax assets increased by 57.97% due to an increase in deductible temporary differences [4]. - Accounts payable decreased by 66.2% as the balance of income tax payable was lower than the previous year [4]. - Revenue decline was attributed to a decrease in product prices [4]. - Operating costs also fell by 13.1% due to lower raw material prices [4]. Cash Flow and Debt - The company’s cash assets are considered healthy, with cash and cash equivalents covering 99.09% of current liabilities [6]. - The net cash flow from operating activities increased by 94.6% due to reduced cash payments related to operations [4]. - The net cash flow from investing activities decreased by 66.24% due to increased project investments [4]. - The net cash flow from financing activities dropped by 131.81% as new borrowings by subsidiaries significantly decreased [4]. Market Position and Investment - The largest fund holding Juhe Shun shares is Guotai Junan Jun De Cheng Mixed Fund, with a scale of 120 million yuan [7]. - The fund's latest net value was 0.8091 as of August 27, showing a decline of 1.35% from the previous trading day, but an increase of 31.03% over the past year [7]. - The company’s business model relies heavily on capital expenditures, necessitating careful evaluation of the profitability of these investments [8].