POWER HF(SH:605100) Zheng Quan Zhi Xing·2025-08-28 22:59Core Viewpoint - Huafeng Co., Ltd. reported disappointing financial results for the first half of 2025, with significant declines in revenue and net profit compared to the previous year [1][3]. Financial Performance Summary - Total revenue for the first half of 2025 was 373 million yuan, a decrease of 33.1% year-on-year [1]. - Net profit attributable to shareholders was 13.15 million yuan, down 71.94% from the previous year [1]. - In Q2 2025, total revenue was 152 million yuan, a decline of 39.7% year-on-year, with net profit of 1.51 million yuan, down 91.04% [1]. - Gross margin was 10.82%, a decrease of 29.25% year-on-year, while net margin was 3.52%, down 58.06% [1]. - Total operating expenses (selling, administrative, and financial) amounted to 16.29 million yuan, representing 4.36% of revenue, an increase of 14.52% year-on-year [1]. - Earnings per share were 0.08 yuan, a decrease of 71.43% year-on-year, and operating cash flow per share was -0.08 yuan, down 108.01% [1]. Asset and Liability Overview - Accounts receivable reached 132 million yuan, accounting for 179.53% of the latest annual net profit [1][4]. - Cash and cash equivalents decreased to 236 million yuan, down 42% year-on-year [1]. - Interest-bearing liabilities increased to 67.49 million yuan, a rise of 41.32% [1]. Return on Investment Analysis - The company's return on invested capital (ROIC) was 2.9% last year, indicating weak capital returns [3]. - Historical median ROIC since listing is 6.91%, with the lowest recorded ROIC of 0.54% in 2022 [3].