KLM(SH:600686) Zheng Quan Zhi Xing·2025-08-28 22:59Core Viewpoint - Jinlong Automobile (600686) reported a solid performance in its 2025 mid-year financial results, with significant increases in net profit and operating income, indicating improved profitability and operational efficiency [1]. Financial Performance - The total operating revenue for the first half of 2025 reached 10.327 billion yuan, a year-on-year increase of 5.78% [1]. - The net profit attributable to shareholders was 116 million yuan, up 75.06% year-on-year [1]. - In Q2 2025, the operating revenue was 5.405 billion yuan, a decrease of 6.54% compared to the previous year, while the net profit for the same period was 69.47 million yuan, an increase of 42.55% [1]. - The gross margin improved to 11.56%, reflecting a year-on-year increase of 16.46%, while the net margin rose to 1.56%, up 26.32% [1]. Cost Management - Total selling, administrative, and financial expenses amounted to 621 million yuan, accounting for 6.02% of revenue, a decrease of 1.14% year-on-year [1]. - The company reported a significant increase in operating cash flow per share, which reached 2.12 yuan, up 387.75% year-on-year [1]. Investment Metrics - The company's return on invested capital (ROIC) was reported at 2.9% last year, indicating a relatively weak capital return rate historically, with a median ROIC of 1.64% over the past decade [3]. - The company has experienced three years of losses since its listing, suggesting a fragile business model [3]. Fund Holdings - The largest fund holding Jinlong Automobile is the招商安泰偏股混合 fund, which has increased its position to 1.25 million shares [4]. - The fund has a current scale of 313 million yuan and has seen a 31.88% increase in value over the past year [5].