Tongli Tianqi(SH:605286) Zheng Quan Zhi Xing·2025-08-28 22:59Core Viewpoint - Tongli Risheng (605286) reported a decline in revenue and net profit for the first half of 2025, with a notable increase in profitability metrics such as gross margin and net margin [1]. Financial Performance - Total revenue for the first half of 2025 was 1.122 billion yuan, a decrease of 15.37% year-on-year [1]. - Net profit attributable to shareholders was 116 million yuan, down 5.65% year-on-year [1]. - In Q2 2025, total revenue was 579 million yuan, a decline of 31.07% year-on-year, while net profit was 43.25 million yuan, down 46.9% year-on-year [1]. - Gross margin increased to 32.39%, up 46.14% year-on-year, and net margin rose to 17.33%, an increase of 29.43% year-on-year [1]. - Total expenses (selling, administrative, and financial) amounted to 91.13 million yuan, representing 8.12% of revenue, a significant increase of 99.25% year-on-year [1]. - Earnings per share (EPS) was 0.69 yuan, a slight decrease of 1.43% year-on-year [1]. - Operating cash flow per share was 1.18 yuan, a substantial increase of 181.97% year-on-year [1]. Asset and Liability Management - Cash and cash equivalents increased to 386 million yuan, up 7.5% year-on-year [1]. - Accounts receivable rose to 1.414 billion yuan, an increase of 21.16% year-on-year [1]. - Interest-bearing debt surged to 472 million yuan, a significant increase of 220.6% year-on-year [1]. Investment Metrics - The company's return on invested capital (ROIC) for the previous year was 15.42%, indicating strong capital returns [3]. - Historical median ROIC since listing is 16.64%, with the lowest recorded ROIC in 2022 at 7.31% [3]. - Analysts project 2025 earnings to reach 312 million yuan, with an average EPS forecast of 1.86 yuan [3]. Fund Holdings - The largest fund holding Tongli Risheng is the Huaan Ankang Flexible Allocation Mixed A, with 643,400 shares and a recent increase in holdings [4]. - Other funds have shown varied changes in their positions, with some increasing and others decreasing their holdings in the company [4].