XINYA(SH:605277) Zheng Quan Zhi Xing·2025-08-28 22:59Core Viewpoint - New Asia Electronics (605277) reported strong financial performance for the first half of 2025, with significant increases in revenue and net profit compared to the previous year [1] Financial Performance Summary - Total revenue for the first half of 2025 reached 1.945 billion yuan, a year-on-year increase of 19.57% [1] - Net profit attributable to shareholders was 99.1661 million yuan, up 31.83% year-on-year [1] - In Q2 2025, total revenue was 1.064 billion yuan, reflecting a 13.79% increase year-on-year [1] - Q2 net profit attributable to shareholders was 51.8987 million yuan, a 46.45% increase year-on-year [1] Key Financial Metrics - Gross margin was 13.9%, down 10.06% year-on-year [1] - Net margin improved to 5.1%, an increase of 10.25% year-on-year [1] - Total selling, administrative, and financial expenses amounted to 98.7137 million yuan, representing 5.07% of revenue, a decrease of 25.96% year-on-year [1] - Earnings per share (EPS) increased to 0.31 yuan, up 29.17% year-on-year [1] - Operating cash flow per share decreased to 0.15 yuan, down 51.37% year-on-year [1] Balance Sheet Insights - Accounts receivable rose significantly, with a year-on-year increase of 36.15%, reaching 1.176 billion yuan [1] - Cash and cash equivalents decreased by 13.69% to 260 million yuan [1] - Interest-bearing liabilities increased by 4.41% to 1.045 billion yuan [1] Investment Return Analysis - The company's return on invested capital (ROIC) for the previous year was 6.9%, indicating average capital returns [1] - Historical median ROIC since listing is 14.85%, suggesting better investment returns in the past [1] Analyst Expectations - Analysts project the company's performance for 2025 to reach 181 million yuan, with an average EPS forecast of 0.56 yuan [2]