NARI-TECH(SH:600406) Zheng Quan Zhi Xing·2025-08-28 22:59Core Insights - The company Guodian NARI (600406) reported a total revenue of 24.243 billion yuan for the first half of 2025, representing a year-on-year increase of 19.54% [1] - The net profit attributable to shareholders reached 2.952 billion yuan, up 8.82% year-on-year [1] - The company's accounts receivable is notably high, with accounts receivable to net profit ratio at 369.54% [1] Financial Performance - Total revenue for Q2 2025 was 15.348 billion yuan, a 22.5% increase year-on-year [1] - Q2 net profit attributable to shareholders was 2.272 billion yuan, reflecting a 7.33% year-on-year growth [1] - Gross margin decreased to 26.45%, down 8.56% year-on-year, while net margin fell to 12.89%, down 9.14% year-on-year [1] Key Financial Ratios - The company's return on invested capital (ROIC) was 14.66% last year, indicating strong capital returns [3] - The net profit margin was reported at 14.19%, suggesting high added value in products or services [3] - The company’s cash assets are considered very healthy, indicating good solvency [3] Accounts Receivable and Future Projections - Analysts have raised concerns regarding the company's accounts receivable situation, which is significantly high [4] - Future performance expectations for 2025 project earnings of 8.401 billion yuan, with an average earnings per share forecast of 1.05 yuan [4] Fund Holdings - The largest fund holding Guodian NARI is the Huaxia CSI Central Enterprise ETF, with 12.2406 million shares, indicating increased positions [5] - Other funds such as Bosera Central Enterprise Structural Adjustment ETF and Bosera Central Enterprise Innovation-Driven ETF also increased their holdings [5]