HGPE(SZ:301261) Zheng Quan Zhi Xing·2025-08-28 22:59Core Viewpoint - Henggong Precision (301261) reported mixed financial results for the first half of 2025, with a slight increase in revenue but a decline in net profit compared to the previous year [1][2]. Financial Performance - Total revenue for the reporting period reached 527 million yuan, a year-on-year increase of 2.71% [1] - Net profit attributable to shareholders was 66.03 million yuan, a year-on-year decrease of 2.73% [1] - In Q2 alone, total revenue was 289 million yuan, up 7.05% year-on-year, while net profit for the quarter rose by 25.53% to 46.08 million yuan [1] - Gross margin stood at 24.67%, down 4.7% year-on-year, and net margin was 12.54%, down 5.29% year-on-year [1] - Total selling, administrative, and financial expenses amounted to 62.26 million yuan, accounting for 11.82% of revenue, an increase of 19.97% year-on-year [1] - Earnings per share were 0.75 yuan, a decrease of 2.73% year-on-year [1] Capital Efficiency - The company's Return on Invested Capital (ROIC) for the previous year was 4.04%, indicating weak capital returns [2] - Historical median ROIC since listing is 15.46%, suggesting that the company has had better investment returns in the past [2] Cash Flow and Debt - Cash flow situation is concerning, with cash and cash equivalents to current liabilities at only 37.72% and the average operating cash flow over the last three years to current liabilities at 1.64% [3] - Debt situation is also a concern, with interest-bearing asset-liability ratio at 30.01% and interest-bearing liabilities to average operating cash flow over the last three years at 49.48% [3] Accounts Receivable - Accounts receivable are notably high, with accounts receivable to profit ratio reaching 346.95% [4] Fund Holdings - The largest fund holding in Henggong Precision is the Jiashi Stable Return 6-Month Holding Mixed A, with a scale of 843 million yuan and a recent net value increase of 0.17% [4]