CFMEE(SH:688630) Zheng Quan Zhi Xing·2025-08-28 22:59Core Viewpoint - The recent financial report of Chip Microelectronics (688630) shows significant growth in revenue and net profit for the first half of 2025, indicating a strong performance despite rising inventory levels [1]. Financial Performance - The total revenue for the first half of 2025 reached 654 million yuan, a year-on-year increase of 45.59% compared to 449 million yuan in the same period of 2024 [1]. - The net profit attributable to shareholders was 142 million yuan, up 41.05% from 101 million yuan in the previous year [1]. - In Q2 2025, total revenue was 412 million yuan, reflecting a 63.93% increase year-on-year [1]. - The net profit for Q2 2025 was approximately 90.17 million yuan, a 47.97% increase compared to the same quarter in 2024 [1]. Profitability Metrics - The gross profit margin for the first half of 2025 was 42.07%, a slight increase of 0.45% from the previous year [1]. - The net profit margin decreased to 21.71%, down 3.12% year-on-year [1]. - Total operating expenses (selling, administrative, and financial) amounted to 42.53 million yuan, accounting for 6.5% of revenue, which is an increase of 6.17% from the previous year [1]. Cash Flow and Assets - The company reported a significant increase in inventory, with a year-on-year growth of 65.36% [1]. - The cash flow per share was -0.8 yuan, a decrease of 121.34% compared to -0.36 yuan in the previous year [1]. - The company’s cash assets are considered healthy, but there are concerns regarding the cash flow situation, as the average operating cash flow over the past three years has been negative [3]. Investment Interest - The company is held by a prominent fund manager, Zhu Ran from Xinda Australia Fund, who has recently increased his holdings [4]. - The largest fund holding Chip Microelectronics is the Jin Xin Shenzhen Growth Mixed Fund, which has a total scale of 664 million yuan and has seen a significant increase in value over the past year [5].