Hiecise(SZ:300809) Zhong Guo Jing Ying Bao·2025-08-29 12:58Core Viewpoint - Huachen Equipment (300809.SZ) reported a significant increase in revenue for the first half of 2025, but faced pressure on profitability, indicating a "revenue growth without profit increase" scenario [1][2]. Financial Performance - For the first half of 2025, Huachen Equipment achieved total operating revenue of 267 million yuan, a year-on-year increase of 19.16%, while net profit attributable to shareholders was 34.12 million yuan, a decrease of 28.41% [2][3]. - In Q2 2025, the company reported a main revenue of 142 million yuan, up 41.98% year-on-year, but net profit dropped by 48.65% to 10.54 million yuan, with a non-recurring net profit showing a loss of 1.22 million yuan [2][3]. Business Structure and R&D Investment - Huachen Equipment's core business remains the fully automatic CNC roller grinding machine, contributing over 80% to overall performance [1]. - The company has been increasing its R&D investment significantly, with expected R&D expenditure for 2025 reaching 261 million yuan, a 42.54% increase year-on-year [4]. Cost and Profitability Challenges - Operating costs have been rising, reaching 232 million yuan in the first half of 2025, a 20.45% increase compared to the same period in 2024 [3]. - The company faced credit impairment losses of approximately 17.62 million yuan, further impacting profitability [4]. Accounts Receivable - As of the reporting period, accounts receivable totaled approximately 146 million yuan, accounting for 6.79% of total assets, an increase of 1.03% from the previous year [5]. Fundraising and Project Delays - Huachen Equipment's fundraising projects have faced delays, with significant adjustments made to the investment plans for the "R&D Center Construction Project" and "Intelligent Grinding Equipment Production Project" [6][7]. - The "Intelligent Grinding Equipment Production Project" has seen its expected completion date pushed from June 2025 to December 2025 due to various challenges [8]. Market Expansion - The company is actively expanding into high-end manufacturing and emerging sectors, driven by national policy support, aiming to establish a second growth curve [9]. - In the first half of 2025, revenue from the fully automatic CNC roller grinding machine was 221 million yuan, a 13.42% increase, while maintenance and renovation services saw a significant revenue increase of 212.79% [10]. Strategic Partnerships - Huachen Equipment has entered the humanoid robot industry by signing a contract with Fuliwang (688678.SH) to supply precision grinding machines, indicating a strategic move into high-demand markets [10][11].