JOVE(SZ:300814) Zheng Quan Ri Bao Wang·2025-08-29 09:48Summary of Key Points Core Viewpoint - Shenzhen Zhongfu Circuit Co., Ltd. reported a significant increase in revenue but faced a decline in net profit and cash flow, indicating potential operational challenges and rising costs [1][2]. Financial Performance - The company achieved a revenue of 849 million yuan in the first half of 2025, representing a year-on-year growth of 27.84% [1]. - Net profit attributable to shareholders was 16.78 million yuan, a decrease of 34.13% compared to the previous year [1]. - Operating cash flow turned negative, dropping from 74.79 million yuan in the same period last year to -35.57 million yuan [1]. Cost and Profitability - Operating costs increased by 26.25%, while gross margin only slightly improved by 1.24 percentage points to 16.91% [1]. - Management expenses surged by 102.55% to 37.82 million yuan, primarily due to the expansion of production scale and increased management personnel, as well as costs associated with the establishment of the factory in Thailand [1]. Asset Management - Accounts receivable rose to 414 million yuan, and inventory increased to 491 million yuan, together accounting for 47% of current assets [1]. - The company attributed the increase in receivables and payables to "increased notes receivable and payment limits," but did not disclose specific measures for improvement [1]. Investment in Thailand - The company has invested a total of 271 million yuan in its production base in Thailand, but only realized a revenue of 211,100 yuan during the reporting period [1]. - The Thai factory is currently facing management, operational, and market risks, with significant uncertainties due to cultural differences and varying regulations [1]. - The factory is still in the capacity ramp-up phase, with insufficient production line utilization, yet the company continued to invest an additional 48.03 million yuan during the reporting period [2].