hailir(SH:603639) Zheng Quan Zhi Xing·2025-08-29 22:41Core Insights - The company Haier's revenue for the first half of 2025 reached 2.609 billion yuan, an increase of 8.42% year-on-year, while the net profit attributable to shareholders was 201 million yuan, up 24.27% year-on-year [1] Financial Performance - Total revenue for Q2 2025 was 1.345 billion yuan, reflecting a year-on-year increase of 6.84% - Q2 net profit attributable to shareholders was 96.546 million yuan, showing a year-on-year increase of 35.24% [1] - Gross margin stood at 23.86%, down 4.02% year-on-year, while net margin improved to 7.72%, up 14.62% year-on-year [1] - Total operating expenses (selling, administrative, and financial) amounted to 214 million yuan, accounting for 8.19% of revenue, a decrease of 7.39% year-on-year [1] - Earnings per share (EPS) increased to 0.59 yuan, a rise of 22.92% year-on-year [1] Balance Sheet Highlights - Cash and cash equivalents increased significantly to 937 million yuan, a rise of 97.31% year-on-year [1] - Accounts receivable stood at 1.348 billion yuan, showing a slight decrease of 0.93% year-on-year, but the accounts receivable to net profit ratio reached 742.95% [1][4] - Interest-bearing debt rose to 1.198 billion yuan, an increase of 78.14% year-on-year [1] Business Model and Return Metrics - The company's return on invested capital (ROIC) for the previous year was 4.04%, indicating a weak capital return [3] - Historical data shows a median ROIC of 15.75% since the company went public, suggesting better investment returns in the past [3] - The company's performance relies heavily on research and marketing efforts, necessitating a deeper analysis of these driving factors [3]