NZP(SH:601018) Zheng Quan Zhi Xing·2025-08-29 22:42Financial Performance - Company reported total revenue of 14.915 billion yuan for the first half of 2025, an increase of 3.06% year-on-year [1] - Net profit attributable to shareholders reached 2.597 billion yuan, up 16.37% year-on-year [1] - In Q2 2025, total revenue was 7.856 billion yuan, reflecting a 4.12% increase year-on-year, while net profit was 1.422 billion yuan, a rise of 28.37% year-on-year [1] Profitability Metrics - Gross margin improved to 30.0%, an increase of 2.78% year-on-year, while net margin rose to 19.52%, up 12.96% year-on-year [1] - The total of selling, administrative, and financial expenses was 1.479 billion yuan, accounting for 9.92% of revenue, which is a 3.7% increase year-on-year [1] Key Financial Ratios - Earnings per share (EPS) increased to 0.13 yuan, a growth of 18.18% year-on-year [1] - Operating cash flow per share reached 0.49 yuan, a significant increase of 69.91% year-on-year [1] - The company's return on invested capital (ROIC) was reported at 5.55%, indicating a generally weak capital return [3] Asset and Liability Management - Cash and cash equivalents increased to 9.902 billion yuan, a rise of 51.20% year-on-year [1] - Accounts receivable grew to 4.732 billion yuan, up 17.74% year-on-year [1] - Interest-bearing debt was reported at 9.704 billion yuan, reflecting a 3.05% increase year-on-year [1] Business Model Insights - The company's performance is primarily driven by capital expenditures, necessitating careful evaluation of the profitability of these investments [3] - Historical data indicates that the company has maintained a relatively stable financial performance over the past decade, although the median ROIC remains low [3]