RIGOL(SH:688337) Zheng Quan Zhi Xing·2025-08-28 22:59Core Viewpoint - Puyuan Precision Electric (688337) reported a strong performance in its 2025 mid-year report, with significant increases in revenue and net profit compared to the previous year [1] Financial Performance - Total revenue for the first half of 2025 reached 355 million yuan, a year-on-year increase of 15.57% [1] - Net profit attributable to shareholders was 16.22 million yuan, up 112.1% year-on-year [1] - In Q2 2025, total revenue was 187 million yuan, reflecting a 19.86% increase year-on-year, while net profit for the quarter was 12.43 million yuan, up 829.1% [1] - The gross profit margin was 55.39%, down 2.25% from the previous year, and the net profit margin was 4.57%, down 6.85% [1] - Total operating expenses (sales, management, and financial expenses) amounted to 102 million yuan, accounting for 28.85% of revenue, a decrease of 20.03% year-on-year [1] Balance Sheet and Cash Flow - Accounts receivable increased to 150 million yuan, representing a 20.14% rise year-on-year, with accounts receivable to net profit ratio at 162.15% [1][3] - Cash and cash equivalents were reported at 329 million yuan, a slight increase of 1.86% [1] - The company reported a negative operating cash flow per share of -0.07 yuan, a significant decrease of 131.78% year-on-year [1] Investment Insights - The company's return on invested capital (ROIC) was 3% last year, indicating a weak capital return [1][2] - Analysts expect the company's performance in 2025 to reach 137 million yuan, with an average earnings per share of 0.7 yuan [3] Fund Holdings - The largest fund holding Puyuan Precision Electric is E Fund Active Growth Mixed Fund, with 2.85 million shares, newly entering the top ten holdings [4] - Other funds that have increased their holdings include Shenwan Hongyuan Intelligent Driving Stock A and West China Li De Event-Driven Stock A [4]