Truking(SZ:300358) Zheng Quan Zhi Xing·2025-08-28 22:59Core Viewpoint - The financial performance of Chutian Technology (300358) for the first half of 2025 shows a decline in revenue but an improvement in profitability metrics, indicating a potential recovery strategy in place. Financial Performance - The total revenue for the first half of 2025 was 2.417 billion yuan, a year-on-year decrease of 14.55% [1] - The net profit attributable to shareholders was -12.3046 million yuan, a year-on-year increase of 85.11% [1] - In Q2 2025, revenue was 1.334 billion yuan, down 7.15% year-on-year, while the net profit attributable to shareholders was -3.7477 million yuan, up 93.93% year-on-year [1] - The gross margin increased by 10.04% year-on-year, reaching 30.29%, while the net margin improved by 78.65% [1] - Total operating expenses (sales, management, and financial expenses) amounted to 554 million yuan, accounting for 22.91% of revenue, an increase of 12.31% year-on-year [1] Business Model and Strategy - The company relies heavily on research and marketing to drive its performance, with a historical median ROIC of 6.73% over the past decade, indicating weak investment returns [2] - The company has been focusing on improving operational quality since the second half of 2024, with significant efforts in international business expansion, which saw nearly 40% growth in overseas revenue in the first half of 2025 [3] - Domestic order quality is reportedly improving, with new orders' gross margins gradually returning to normal levels despite a competitive domestic market [3] - The company is committed to cost reduction and efficiency improvements across management, research, procurement, and manufacturing [3] Investment Insights - The most significant fund holding Chutian Technology is Nord New Prosperity, with a current scale of 21 million yuan and a recent net value of 1.2999, reflecting a 28.83% increase over the past year [2]