JSCQ(SH:688182) Zheng Quan Zhi Xing·2025-08-28 22:59Core Viewpoint - The recent financial report of Canqin Technology (688182) shows significant growth in revenue and net profit for the first half of 2025, indicating strong operational performance and potential investment opportunities [1]. Financial Performance - The total revenue for the first half of 2025 reached 287 million yuan, a year-on-year increase of 52.76% compared to 188 million yuan in the same period of 2024 [1]. - The net profit attributable to shareholders was 51.91 million yuan, up 51.94% from 34.17 million yuan in the previous year [1]. - In Q2 2025, total revenue was 162 million yuan, reflecting a 52.36% increase year-on-year, while net profit for the quarter was 29.25 million yuan, a 49.3% increase [1]. - The gross margin improved to 31.2%, up 1.27% from the previous year, and the net margin increased to 18.58%, up 7.26% [1]. - The total of selling, administrative, and financial expenses was 20.55 million yuan, accounting for 7.15% of revenue, a decrease of 5.27% year-on-year [1]. Balance Sheet and Cash Flow - Accounts receivable rose significantly, with a year-on-year increase of 113.37%, reaching 239 million yuan [1]. - The cash flow per share decreased by 63.42% to 0.09 yuan, while earnings per share increased by 44.44% to 0.13 yuan [1]. - The net asset value per share was 5.51 yuan, reflecting a 2.44% increase year-on-year [1]. Investment Insights - The company's return on invested capital (ROIC) was 2.18% last year, indicating a need for improved capital efficiency [3]. - The net profit margin was reported at 13.68%, suggesting high value-added products or services [3]. - Analysts expect the company's performance in 2025 to reach 140 million yuan, with an average earnings per share forecast of 0.35 yuan [3]. Fund Holdings - The largest fund holding Canqin Technology is the Shenwan Lixin New Economy Mixed A fund, with 2.85 million shares, indicating strong institutional interest [4]. - Other funds that have entered the top ten holdings include Qianhai Kaiyuan Artificial Intelligence Theme Mixed A and Shenwan Lixin Lecong Mixed A, reflecting a growing interest in the company [4].