KEBODA(SH:603786) Zheng Quan Zhi Xing·2025-08-28 22:59Core Insights - The company reported a total revenue of 3.047 billion yuan for the first half of 2025, representing an 11.1% year-on-year increase, and a net profit attributable to shareholders of 451 million yuan, up 21.34% year-on-year [1] - In Q2 2025, the company achieved a revenue of 1.673 billion yuan, a significant increase of 26.22% year-on-year, and a net profit of 245 million yuan, reflecting a 60.66% year-on-year growth [1] - The company's accounts receivable reached 1.795 billion yuan, which is 232.46% of the net profit, indicating a substantial amount of receivables relative to profit [2] Financial Performance - Gross margin stood at 27.11%, down 6.99% year-on-year, while net margin improved to 15.47%, an increase of 7.55% year-on-year [1] - Total operating expenses (sales, management, and financial expenses) amounted to 103 million yuan, which is 3.37% of revenue, a decrease of 53.61% year-on-year [1] - Earnings per share (EPS) increased to 1.12 yuan, a rise of 21.61% year-on-year, and operating cash flow per share surged to 1.11 yuan, up 255.76% year-on-year [1] Investment Metrics - The company's return on invested capital (ROIC) was 14.85% last year, indicating strong capital returns, with a historical median ROIC of 18.84% since its listing [1] - The company has shown consistent financial performance since its listing, with a notable improvement in net profit margins and operational efficiency [1] Fund Holdings - Several funds have increased their holdings in the company, including 兴全台泰混合A and 兴证全球合衡三年持有混合A, indicating positive sentiment among institutional investors [3] - The largest fund holding the company is 兴全合泰混合A, with a scale of 4.493 billion yuan and a recent net value increase of 0.21% [3] Strategic Focus - The company is committed to automotive intelligence and energy conservation, focusing on product and technology innovation while collaborating with partners to create a new industrial ecosystem [4] - The technological innovations cover various automotive electronic products, including high-resolution lighting control and intelligent distribution control, aiming to shift industry competition from price focus to value focus [4]